Download Tax Calculator in Excel for FY-2011-12

Page no : 2

K NANDINI (ARTICLE CLERK) (50 Points)
Replied 22 May 2011

Dear Friends

One of my clients, where I go for audit, have made payments (expenditure) in cash in excess of

Rs.20,000/-. They are registered Society. When I asked, they said Sec 40 A (3) is applicable only for

business people and not for the Society.

Please clarify my doubt. Is the section applicable to all assessees or only to business people.

Regards

Nandini

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Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 22 May 2011

Originally posted by : K NANDINI
	Dear Friends One of my clients, where I go for audit, have made payments (expenditure) in cash in excess of Rs.20,000/-. They are registered Society. When I asked, they said Sec 40 A (3) is applicable only for business people and not for the Society. Please clarify my doubt. Is the section applicable to all assessees or only to business people. Regards Nandini

As per Sec 40A(1):

The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head “Profits and gains of business or profession”.

And as per Sec40A(3):

Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure.

Thus, if that registered Society is running business then this section would be apply otherwise Not............!!!!!!!

vikas w ambekar (proprietor) (25 Points)
Replied 08 July 2011

Give me the sevice tax calculator in which i can calculat tax on services like works contract services, mandap keeping services etc. and give me the working of service tax calculation on works contract services.

thanks in advance.