Kindly explain about sec.40a and its sub sections of incometax act or what is limit of payment or Expenditure by way of cash. Actually my doubt I received a service from a professional for one event and I have payble Rs.30,000/- for that event. So can I pay the same in 3 or 4 installments by way of cash. Kindly clarify it.
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Section 40a of incometax act cash payment/expenditure limit
Replies (2)
" Actually my doubt I received a service from a professional for one event and I have payble Rs.30,000/- for that event."
Being single transaction......... single invoice........ break up / installments not allowed......
More details: section-40a3
in my opinion you can pay it in less than 10000 denomination on different days. single event criteria applicable to 269ST and not 40A(3)
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