My Doubt Is Regarding The Limit Of Sec 40a (3) ie Rs 10000 For Revenue Expenditure is applicable on Cash Purchases Made By A Trader For Goods In His Stock also?
Pls Answer
Thanks in Advance😊
Menu
Cash Purchases By Trader Under Sec40a (3)
Replies (1)
Section 40A(3) refers to the expenditure incurred by the assessee in respect of which payment is made. It means all outgoings are brought under the word ‘expenditure’ for the purpose of the sub-section. The expenditure for purchasing the stock-in-trade is one of such outgoings.
Attar Singh Gurmukh Singh v. ITO [1991] 191 ITR 667 (SC).
Recent Threads
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
- Import of goods data in IMS
- GSTr 9 24-25
- Change HSN
- TDS ISSUE ( DIFFERENT SECTION )
- Company strike off with loan waiver accounting iss
- Board resolution for authorization for GST
- Invoice related audit
- Gst input credit related
Related Threads
CAclubindia
