40 A3-Cash Disallowance
This query is : Resolved
Querist : Anonymous
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.
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.
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
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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