Stock-in-Trade and Section 40A(3): Cash Payments Under the Microscope

CA Dipak Dama , Last updated: 10 December 2024  
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Income tax Section 40A(3) disallows payment above Rs. 10000/- (₹35,000 for transporters) from being allowed as expenses. This is done in the Interest of transparency reducing tax evasion. While the limit is rigorous, rule 6DD provides certain exceptions for practical difficulties business needs.

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Published by

CA Dipak Dama
(Chartered Accountant )
Category Income Tax   Report

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