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section 40 a 3

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 December 2010 Whether cash loan received in excess of Rs. 20000/- disallowable u/s 40 a 3
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
01 December 2010 No the same will not be disallowed u/s 40A(3) but penalty u/s 269SS for accepting loan in cash above Rs. 20,000/- can be levied.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
01 December 2010 SECTION 40A(3) IS APPLICABLE ONLY ON EXPENSE
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