40a (3)
CA SONIYA AGARWAL (self practice) (3005 Points)
03 September 2014CA SONIYA AGARWAL (self practice) (3005 Points)
03 September 2014
jaimin
(Finance Executive)
(465 Points)
Replied 03 September 2014
yes as the expense has not increased Rs.20000/- per daily basis, but kindly take care that you will not get receipt of 45000/- at single receipt otherwise it get disallowed u/s 40a(3)
CA SONIYA AGARWAL
(self practice)
(3005 Points)
Replied 03 September 2014
Sakthi Baskaran
(Chartered Accountant)
(141 Points)
Replied 03 September 2014
CA Sanket Gujar
(Professional)
(74 Points)
Replied 03 September 2014
Either take 4 bills for less than 20000 on different days or though wrong make payment in the name of different persons on a single day
JIBIN THOMAS BABU
(CA FINAL STUDENT)
(147 Points)
Replied 04 September 2014
Anisha Sharma
(Student CA Final )
(49 Points)
Replied 04 September 2014
Anisha Sharma
(Student CA Final )
(49 Points)
Replied 04 September 2014
Brahma Nand
(Finance associates)
(63 Points)
Replied 05 September 2014
Ramakrishna Kamat
(CA)
(76 Points)
Replied 05 September 2014
The Supreme Court in the case of Attar Singh Gurumukh Singh V ITO 1991 191 ITR 667 has held that the disallowance under section 40A (3) covers all outgoings including purchase of stock in trade.
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