Sec. 40a(3)
This query is : Resolved
28 August 2012
Can I make payment exceeding Rs.20000 for purchase of goods???
Whether I get the deduction for the same???
Please reply in detail..
Whether I get the deduction for the same???
Please reply in detail..
28 August 2012
Dear Chirag,
the crux of section 40 a(3) lies in not making cash payments for expenses exceeding Rs. 20000 by cash. Now as you are paying the same through online payment the same will be reflected in your bank account. Such payment shall not be disallowed u/s 40a(3). Be sure that you dont deposit the payment directly into the bank account of the payee in cash.
the crux of section 40 a(3) lies in not making cash payments for expenses exceeding Rs. 20000 by cash. Now as you are paying the same through online payment the same will be reflected in your bank account. Such payment shall not be disallowed u/s 40a(3). Be sure that you dont deposit the payment directly into the bank account of the payee in cash.
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