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Sec 40a3 applicable on purchase of forex or not

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(Querist)
04 August 2011 can cash paid to agencies for purchasing forex exceed 20000 limit...is sec 40a3 applicable to such payments..plz reply urgently with appropriate reasoning...
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
04 August 2011 Yes, Payment will cover u/s 40A(iii) ss there is nothing specifically mentioned in the Act.

The Section says any expenditure

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