disallowance U/S 40 A (3)
This query is : Resolved
02 September 2008
wheather advances extended for more than Rs.20,000/- will come under the purview of Sec - 40 A(3)?
since advance is not an expenses, i think it will not come u/s 40A(3).even if an advance is give for more than Rs.20,000.
since advance is not an expenses, i think it will not come u/s 40A(3).even if an advance is give for more than Rs.20,000.
02 September 2008
40A is regarding Expenses or payments not deductible in certain circumstances relating to the computation of income under the head Profits and gains of business or profession. Advances are not covered.
If your query is whether cash advances in excess of rs.20,000 can be made, the answer is no. Section 269 SS gets invoked
If your query is whether cash advances in excess of rs.20,000 can be made, the answer is no. Section 269 SS gets invoked
03 September 2008
Sec 269SS is in respect of advances received and not advances made. However, it is a prudent practice not to remit cash in excess of Rs 20,000/- for advances as well
04 September 2008
Thanks Shailesh for pointing out the mistake. it should be 269 T
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