Rule 6dd new notification
INCOME-TAX (SEVENTH AMENDMENT) RULES, 2008 - SUBSTITUTION OF RULE 6DD NOTIFICATION NO. 97/2008 [F.NO. 142/10/2008-TPL], DATED 10-10-2008
The CBDT has substituted Rule 6DD of the Income-tax Rules vide the Income-tax (7th Amendment) Rules, 2008. The new Rule shall come into effect from the assessment year 2009-10.The opening paragraph of the Rule has been modified as below
No disallowance under sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section (3A) of section 40A where a payment or aggregate of payments made to person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees in the cases and circumstances specified hereunder, namely:
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