#Section 40A(3)
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277 articlesIncome Tax
Income Tax
Section 40A(3): Cash Payment- Person means individual truck driver
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S. 40(A)(3) Need to review proposed reduction in threshold limit from Rs. 20000 to 10000
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No section 40A(3) disallowance on cash refund of excess money received on sale of goods
Income Tax
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Section 40A(3) Limit to pay cash expenses reduced to Rs.10000
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Direct cash deposit in suppliers bank a/c not attract disallowance u/s 40A (3)
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SIT report: Restrict Cash Transaction/Holding to curb black money
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Books cannot be rejected for mere irregularities in case payment
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S.40A(3) No disallowance for genuine & bonafide cash transactions
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100% expense disallowance for Cash Payment should go
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S. 40A(3) Purchase of poultry feeds falls under exceptions clause provided in Rule 6DD(e)
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Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01/04/2009
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No Penalty for disallowance based on accurate particulars submitted during scrutiny
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Sec 40A(3) disallowance not attracted for payment made as advance for purchasing assets capitalized in books
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