Sec 40a(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2014
Whether cash paid as loan to an employee in excess of Rs. 20,000/- will attract disallowance u/s. 40a(3) of income tax act?
04 April 2014
Section 40a(3) is related with expenditure with respect to which payment is made in cash.
hence Above section is not applicable on Loan to an employee.
hence Above section is not applicable on Loan to an employee.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2014
What if loan being repaid from the salary? Salary is expenditure for company.
Thanks in advance.
Thanks in advance.
04 April 2014
If it is paid to employee as loan it becomes perquisites and calculate perquisite value and deduct tds accordingly from his salary.
In this case also section 40a(3) dis- allowance is not applicable.
as you are paid for loan only.
In this case also section 40a(3) dis- allowance is not applicable.
as you are paid for loan only.
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