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Cash transactions

NICSON JOHN (513 Points)

01 October 2020

are 269SS,269T,269ST applicable only to business transactions?and what about sec 40a(3)?

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 01 October 2020

1. Section 269SS, 269T, 269ST applicable to all transactions i.e business as well as non business
2. Section 40A(3) applicable only for business transaction.

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NICSON JOHN (513 Points)
Replied 01 October 2020

Thank u very much sir

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 01 October 2020

Most welcome......

Davender Kumar (MANAGER ACCOUNTS AND FINANCE) (60 Points)
Replied 01 October 2020

If any company employee take money from company as imprest for doing a daily basis expenses for branch than what is consequences for employee ?

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 02 October 2020

@ Mr. Davender Kumar
There is no tax implications in hands of Employee, because it's not a income of Employee.
You have taken Money advance as imprest and that using it for Company business purposes, if there is any balance in your hand than also it's considered as balance with Company only, not you.