If Mr. A doing jobwork business of say embroidary and purchase say thread from Mr. X without bill to save vat & make the monthly payment to Mr. X by bearer cheque ( Alway Below Rs. 20,000 ). In the Financial year suppose Mr. A purchase the thread of Rs. 2.44 lacs and. claim the same amt in i. tax as thread purchase. Whether its allowable u/s 40 A (3) or not ? As Mr. A alway make the payment below Rs. 20,000/- by bearer cheque to Mr.X Only. or if we make cash memo each month & keep for records. How jobwork is tax free pls explain. If the net profit goes above 1.20 Lac then its necessary to maintain books of accounts
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Section 40A(3)
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| Originally posted by :deepak | ||
| " | If Mr. A doing jobwork business of and purchase say thread from Mr. X without bill to save vat & make the monthly payment to Mr. X by bearer cheque ( Alway Below Rs. 20,000 ). In the Financial year suppose Mr. A purchase the thread of Rs. 2.44 lacs and. claim the same amt in i. tax as thread purchase. Whether its allowable u/s 40 A (3) or not ? As Mr. A alway make the payment below Rs. 20,000/- by bearer cheque to Mr.X Only. | " |
HELLO,
SORRY, YOU CAN'T CLAIM THIS TAKE INPUT. BECAUSE YOU HAVE NO ANY BILL.SO, WITHOUT BILL YOU HAVE NO ANY DECLERATION FOR THIS, & YOU GIVE PAYMENT BY BEARER CHEQUE , SO, YOU HAVE NO ANY OPTION FOR TAKE INPUT.
JOB WORK IS TAXFREE.
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