Section 40A(3)
This query is : Open
02 December 2009
40A(3) - Disallowance of cash payment in excess of specific amount.
Is it true dt dis section helps in controlling black money generation? if yes how?
or is der any other purpose behind dis section?
Is it true dt dis section helps in controlling black money generation? if yes how?
or is der any other purpose behind dis section?
02 December 2009
The purpose behind introducing such provisions are to prove identity of the person to whom the payment has been made. That is why account payee cheque/draft is required to make a payment.
In this sense; bogus expenditure cannot be claimed and Income-Tax Department will also not question the payment.
CA Rakhecha,
Surat
In this sense; bogus expenditure cannot be claimed and Income-Tax Department will also not question the payment.
CA Rakhecha,
Surat
03 December 2009
40A(3) - Disallowance of cash payment in excess of specific amount.
Is it true dt dis section helps in controlling black money generation? if yes how?
or is der any other purpose behind dis section?
Is it true dt dis section helps in controlling black money generation? if yes how?
or is der any other purpose behind dis section?
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