sir , sec 40a(3) payment exceed rs.20000 such payment will be disallowed,its all people know. but my query is invoice bill create different party names , the amount exceed rs.20000 , such expenses is allowed or disallowed
pls help me
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Sec 40a(3)
Replies (2)
Payment made to a single party against 1 invoice exceeding 20,000/- is disallowed...
As per sec:40a(3), Expenditure incurred in respect of which payment made in excess of Rs.20000 otherthan by account payee cheque or account payee draft to single party in single day is disallowed
In your case ,it is not a disallowable expenditure because bill raised on different party names
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