DIALLOWANCE U/S 40A(3)
This query is : Resolved
23 June 2009
HI ALL,
AS PER NEW AMENDMENTS IN 40A(3), ANY PAYMENT IN EXCESS OF RS.20000/- PER DAY FOR A PERSON IS DISALLOWED. MY QUERY IS LIKE THIS:
IF THE BILL IS EXCEEDING RS.20000/- & ACCOUNTED ON CREDIT BASIS & IF IT IS PAID IN THE SAME YEAR IN CASH LESS THAN 20000 EACH PAYMENT WILL IT ATTRACT DISALLOWANCE?
BCOZ IN THE NOTIFICATION IT SAY ANY EXP ALLOWED ON ACCRUAL BASIS & ITS PAID IN NEXT YEAR OTHERWISE THAN ACCOUNT PAYEE CHEQUE OR DRAFT THEN IT WILL BE DISALLOWED. PLS CLARIFY..
RAM
AS PER NEW AMENDMENTS IN 40A(3), ANY PAYMENT IN EXCESS OF RS.20000/- PER DAY FOR A PERSON IS DISALLOWED. MY QUERY IS LIKE THIS:
IF THE BILL IS EXCEEDING RS.20000/- & ACCOUNTED ON CREDIT BASIS & IF IT IS PAID IN THE SAME YEAR IN CASH LESS THAN 20000 EACH PAYMENT WILL IT ATTRACT DISALLOWANCE?
BCOZ IN THE NOTIFICATION IT SAY ANY EXP ALLOWED ON ACCRUAL BASIS & ITS PAID IN NEXT YEAR OTHERWISE THAN ACCOUNT PAYEE CHEQUE OR DRAFT THEN IT WILL BE DISALLOWED. PLS CLARIFY..
RAM
23 June 2009
although the bill is o amt exceeding 20000, but the payment at a time is less then 20000 in a day to a person it will NOT be disallowed
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit
- GST Refund SB005 Error
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
