27 July 2008
my question realtes to PAYMENT UNDER SEC 40 A(3).when purchase is made from cultivators who are numerous in number and purchase is made under credit .in that case how to show purchase entry by not entering all names as it is quite in numbers for each day.
like wise payment to them is also in cash as they are having no bank account .so does sec 40 A(3) attracts as payment is after some days not at the time of purchase. and how to show payment made to them.
31 July 2008
If that be the case, you have no option but to ask cultivators to open bank account. Only if there are no bankers in that area, you can pay cash.
CAclubindia
