Sec. 40 a(3)

This query is : Resolved 

10 January 2012 Whether sec. 40 A(3)will be attracted if payment of expenditure is made by depositing an amount of Rs. 40000 in a bank account of a creditor?

10 January 2012 If cash is deposited in the bank account of the creditor, then Section 40A(3) shall be attracted, since the payment has been made otherwise than by an account payee cheque.

10 January 2012 You can break the transaction into the foll. 2 transactions..

One-Give cash to your creditor..

Two-The creditor deposits it into his bank..

Clearly because of the first transaction, 40A(3) shall be attracted..




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries