SIVASIVA (FCA, Future CA) (4935 Points)
03 June 2010Question: Whether the Remuneration taken in cash is Disallowed under IT Act since it is more than Rs.20,000 as it is towards Expenses?
Case: The partnership firm name ABC & Co, having 4 partners, Each partner was credited with 6 lacs each and being credited in the Partners' current each partner.
A partner take out every now and then Amounts more than Rs.20,000 (Say Rs.40000, 60000, 75000).
Awaiting Golden Hearts to share their Experience
Kashyap Joshi
(Proprietor )
(260 Points)
Replied 13 June 2010
Sec 40A(3) is not attracted in case of Drawings .
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
