Sec 40a(3)
This query is : Resolved
05 March 2015
hELLO sIR, I had a doubt in Sec 40A(3) for a Gold dealer. Suppose there is a Gold dealer who sells Ornaments worth Rs. 85000/- and the Customer Pays in This Manner Rs. 40,000/- by Old Ornaments and Rest By A/c Payee Cheque.The Whether Sec 40A(3) is Attracted for the payment received in form of Old Ornaments????? Will that portion be Disallowed???
05 March 2015
Hello Sir, I am asking about the Purchasing Dealer who is Paying the above transaction through Old Ornaments. i.e. Both are Gold Dealers.
05 March 2015
Hello Sir, I am asking about the Purchasing Dealer who is Paying the above transaction through Old Ornaments. i.e. Both are Gold Dealers.
05 March 2015
Hello Sir, I am asking about the Purchasing Dealer who is Paying the above transaction through Old Ornaments. i.e. Both are Gold Dealers.
05 March 2015
No disallowance.. Section 40A(3) won't attract. Above case is covered under Rule 6DD(d) of Income Tax Rules, 1962.
16 March 2015
Thanks Very much Sir.
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