Respected All,
I Have Queaary regarding Payment to NBFC exeeding Rs. 20,000/- (40)a(3) per day against dishonoured ECS/Cheque is valied or not is it allowable or it will be disallowed ?
8 Replies
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 28 September 2011
If you will repay loan by cash , then Section 40A(3) not applicable. i think Section 269T applicable
Ashok Katarmal
(Manager Accounts)
(75 Points)
Replied 28 September 2011
Ok, I should mention 269T, instead of (40)a(3),
But quarry remains on stand that is payment exceeding Rs. 20,000/- allowed or not allowed
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 28 September 2011
Payment for what ?, Please mention..........
Ashok Katarmal
(Manager Accounts)
(75 Points)
Replied 28 September 2011
Sir,
It is against repayment of dishonoured ECS / EMI Cheqes against Loan from NBFC like tata capital,magma, kotak mahindra prime, religare etc.
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 28 September 2011
if payment made for expensesthen not allowed, but if payment made for repayment of loan itis allowed.
Ashok Katarmal
(Manager Accounts)
(75 Points)
Replied 28 September 2011
do I have any reference,case any circulare if available ?
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 28 September 2011
Bhaiya ekrequest hai apko. apka designation ko ye photo suit nahi kar raha hai. if u don't mind pls change it.
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 28 September 2011
Ap section 40(a)(3) padhie tab pata chal jaega.
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