TRILOCHAN (SENIOR ACCOUNTANT) (698 Points)
12 August 2010Respected All
I am paynig cash more then Rs.20000/- every month for repayment of credit card dues. whether it attracts the provision of section 40A(3) under Income Tax Act.
Please confirm me.
waiting for your valuable reply.
Thanking You,
TRILOCHANA OJHA
C.A Tinu Sood
(Proprietor)
(25 Points)
Replied 12 August 2010
Hi trilochan,
No it would not attract section 40A(3). The rationale for this section is that there should be control on the expenses made. Cash expenses cannot be traced out easily. Payment for credit card is not an expense. Hence, it would not fall in perview of section 40 (3).
Dharmendra Jha
(Asst. Manager Finance)
(100 Points)
Replied 12 August 2010
Dear Trilochan,
Sir Tinu Sood is write u can make cash expenses for payment of credit card more than 20,000/- its not an expense u/s 43A(3.
Rishab
(A.C.A.)
(155 Points)
Replied 12 August 2010
Why do you pay credit card Bills that too more than Rs. 20,000 /- in cash?
Payment of credit card Bill more than Rs. 2,40,000/- per annum in Cash!
Is the Cash payment - an unaccounted Money?
Yes you don't have any trouble from Section 40A(3) of the Income Tax Act.
But Wait!
1) Payment made by you against bills raised in respect of a credit card aggregating to Two lakh rupees or more in a Financial Year will be reported in AIR - You may get inquiry from ITO.
2) Payment of more than Rs. 50,000/- in cash will require PAN No.
3) Don't forget to report the payments details in AIR column of respective ITR Form.
Take Extreme Caution for cash payments !!!
C.A Tinu Sood
(Proprietor)
(25 Points)
Replied 12 August 2010
Yes Mr Rishab is correct. This is the full details as per IT Act.
ajithasai
(m.ajitha)
(95 Points)
Replied 13 August 2010
hi
the cash payment morethan 20000/- in credit card dues.
the provision of section 40A(3) under Income Tax Act.
regards,
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