If paymnet Rs.15000/- per day in CASH for 10 days - Tatal Rs.150000/-. will it attrace section 40A(3) ?
Please not that payee -not covered u/s 6DD
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u/s 40A(3) Cash Pament
Replies (6)
Dear Sunil
If the payment of Rs 15000 per day but billing are in separate vouchers than it may not attract sec 40A(3). Hence eligible for claiming deduction in P&L A/c
From
Umashankar Vaishnav
Gwalior
CA Final New Course May 2010
Section 40 A(3) of Income Tax Act, 1961 will attract only to a transaction which exceeds Rs.20,000/- "per a day". by means of otherwise than by an account payee cheque.
so, as far as ur querry is concerned the section will not attract.
Sec 40A(3) not attracted and allowed.
Section 40(A)(3) is applicable only when the threshold limit of Rs. 20000 exceeds in a single day and so here 40 a 3 is not applicable...and hence full amount shall be allowable as deduction...
40A(3) is not applicable
section 40A(3) will not attracted on your query
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