section 40 a 3
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 December 2010
Whether cash loan received in excess of Rs. 20000/- disallowable u/s 40 a 3
01 December 2010
No the same will not be disallowed u/s 40A(3) but penalty u/s 269SS for accepting loan in cash above Rs. 20,000/- can be levied.
01 December 2010
SECTION 40A(3) IS APPLICABLE ONLY ON EXPENSE
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