Disallowance u/s 40A(3) of I.T. Act.
This query is : Resolved
18 June 2011
A business Promotion Expenses is debited by way of crediting to X party of Rs.96000/- in Jan,2011 related to F.Y.2010-11.Subsquently in Feb,2011 & March,2011 the Party was paid in cash on different dates being less than Rs.20000/- & square up the party account.
Now query is whether such expenses is disallowed u/s 40A(3).
Now query is whether such expenses is disallowed u/s 40A(3).
18 June 2011
yes the entire expenditure of Rs.96000/= will be disallowed.
19 June 2011
Section 40(A)(3) is applicable only when the threshold limit of Rs. 20000 exceeds in a single day and so here 40A(3) is not applicable...and hence full amount shall be allowable as deduction.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
