40(a)(3) of I. t act
naveen kumar (7 Points)
09 September 2020
what is the limit of disallowance currently under section 40(a)(3) of I. T act
1 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 09 September 2020
Section 40A(3)(a) of the Income Tax Act provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs. 10,000/- in a single day (35,000 for transport charges) otherwise than by an account payee cheque drawn on a bank or by an account payee bank draft or through use of electronic clearing system, shall not be allowed as a deduction. it's w.e.f.A.Y 2018-19, before that it's 20,000..
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