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40 A3-Cash Disallowance

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2011 Sir/ Madam,

Whether 40A3 of IT Act attracks for Trust as disallowance or not. If yes what is the basis for attracktion? Please help me out of this i wil thankful to you.
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
01 February 2011 Section 40A(3) of the Income Tax apllies to all Assessee.

If an assessee incyrs any expenditure in respect of which payment in excess of Rs. 20000/- is made in cash, 100% of such expenses is disallowable

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