40a(3) applicability for purchase of buffalo
This query is : Resolved
01 February 2016
Respected Sir,
One of our client is dealing in purchase & Sale of buffaloes.He had made payment in cash for purchase of buffalo above 20,000/-. Whether Rule 6DD is applicable for my client. Whether payment will be disallowed under section 40a(3)
One of our client is dealing in purchase & Sale of buffaloes.He had made payment in cash for purchase of buffalo above 20,000/-. Whether Rule 6DD is applicable for my client. Whether payment will be disallowed under section 40a(3)
01 February 2016
Yes he is into business and cash payments exceeding Rs.20000 will be disallowed. However, you need to check the provisions of Rule 6DD if you can find any exemptions that can be applicable to your client then you can claim the same.
01 February 2016
In the rule 6DD include where the payment is made for the purchase of the produce of animal husbandry (including livestock, meat, hides and skins) or dairy or poultry farming; Whether live stock inculde buffalo
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