Poonawalla fincorp
Poonawalla fincorp

Sec 40a(3) cash payment more than 20k

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 April 2016 sec 40A(3) for payment of exps in day above 20k will applicable to partnership firm which is case of non-audit. Please advice.
same sec. will able for purchase of fixed assets in cash above 20K
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
09 April 2016 Yes Partnership firm also have to follow sec. 40A(3) even if they are not under audit.
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Querist : Anonymous

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Querist : Anonymous (Querist)
11 April 2016 whether same is applicable to Proprietorship also if he is not under audit??
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
11 April 2016 Yes sir. Same applicable..!!!

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