Meyyappan (Manager Accounts) (93 Points)
13 August 2015Hi,
I have a query regarding cash payment made to partners more than 20,000 in a single day, whether it will be disallowed as per section 40a3 of IT. Kindly clarify.
Regards,
Meyyappan.S
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 August 2015
If such payments are towards any expenditure of the firm, then these will be disallowed.
Meyyappan
(Manager Accounts)
(93 Points)
Replied 13 August 2015
| Originally posted by : Poornima Madhava | ||
 |
If such payments are towards any expenditure of the firm, then these will be disallowed. |  |
No its not towards expenditure of the firm its to the partners only (kind of drawings)
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 14 August 2015
If drawings, then no disallowance
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