Dear Expert,
Kindly advise wheter payment made to Paschimanchal Vidyut Vitran Nigam Limited in excess of Rs. 20000 in cash is allowed u/s 40A(3) of Income Tax Act.
Menu
Section 40a (3)
Replies (8)
Not allowed...... Read section 40A(3) alongwith Rule 6-DD, of I T Act.......
since its payment to govt payment made is allowed
| Originally posted by : Kamal Verma | ||
 |
Dear Expert, Kindly advise wheter payment made to Paschimanchal Vidyut Vitran Nigam Limited in excess of Rs. 20000 in cash is allowed u/s 40A(3) of Income Tax Act. |
 |
Agree With Dhiraj Sir,
And also one thing I would like to say that at the time of electricity bill payment they do not have a power to accept more then Rs. 10000 in cash. If more than Rs. 10000 Payment then they can accept only cheque or any other electronic mode.
but there is an exemption in
certaintly information totally correcto payment totally via TAX,but not realization of payment in the moment. But localization in the Toronto with AMAZON,bening and beyance.
Where the payment is made to the Govt and, under the rules framed by it, such payment is required to be made in legal tender;
i came across a case where payment made to road tax department amounting to 70,000 in a single day
As per section 40A (3), payment in excess of Rs. 20000 is disallowed under Income from Business and Profession.
Therefore, such payment will be disallowed.
Recent Topics :
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
Related Topics :
CAclubindia
