Payment made by tt in cash
This query is : Resolved
22 September 2011
dear Sir,
My query is if party has made payment more than 20000by telegraphic transfer in cash through co op credit society/ co op bank. will it be disallowed u/s 40A(3).
rgds,
My query is if party has made payment more than 20000by telegraphic transfer in cash through co op credit society/ co op bank. will it be disallowed u/s 40A(3).
rgds,
23 September 2011
It will be treated at par like RTGS, so there would be no disallowance for payment made through TT.
23 September 2011
If TT is made through co-op society, disallowance attracts under section 40A(3) because exception is for TT through bank.
24 September 2011
If it is through Post Office or Co-operative Bank then it is not covered u/s 40A(3)
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