Sec.40a(3)
This query is : Resolved
24 September 2013
Hi Ankit,
The word "expenditure" in section 40A(3) covers expenditure of all categories including that on purchase of goods and merchandise as also payment for services. The payments made in advancing loans and returning the principal amount of borrowed moneys are not covered by these provisions of section 40A(3), as these do not constitute expenditure.--Vide Letter F. No. 1(22) 69-TPL (PT), dt. 18-4-1969. Good Luck..
The word "expenditure" in section 40A(3) covers expenditure of all categories including that on purchase of goods and merchandise as also payment for services. The payments made in advancing loans and returning the principal amount of borrowed moneys are not covered by these provisions of section 40A(3), as these do not constitute expenditure.--Vide Letter F. No. 1(22) 69-TPL (PT), dt. 18-4-1969. Good Luck..
24 September 2013
another simpler way of looking at it is :
whatever expense is being claimed against profits in computation of taxable income is expenditure and rigours of Section 40A(3) will apply to such items.
whatever expense is being claimed against profits in computation of taxable income is expenditure and rigours of Section 40A(3) will apply to such items.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
