Payment to partner by cash
D G MOHAN (PARTNER) (171 Points)
10 September 2023
Whether payment to partner of a firm by cash more than Rs 10000 violates IT law.
10 Replies
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 10 September 2023
It's for EXPENDITURE...
What Is Section 40A(3) of the Income Tax Act ?
This section restricts deduction of any expenditure exceeding Rs. 10,000/- if made to any single person on the same day. Thereby if a person wishes to claim deduction of any expenditure then he has to make payment in digitally prescribed mode only.
What Is Section 40A(3) of the Income Tax Act ?
This section restricts deduction of any expenditure exceeding Rs. 10,000/- if made to any single person on the same day. Thereby if a person wishes to claim deduction of any expenditure then he has to make payment in digitally prescribed mode only.
D G MOHAN
(PARTNER)
(171 Points)
Replied 10 September 2023
Then can a partner of a firm withdraw cash more than Rs 10000
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 10 September 2023
Yes, If its not an account of any expenditures
sabyasachi mukherjee
(27636 Points)
Replied 10 September 2023
It's not applicable in case of partners internal transfer.
Senthil Kumar
(Articles Assistant)
(52 Points)
Replied 11 September 2023
Drawings from capital account are allowed in Cash
sabyasachi mukherjee
(27636 Points)
Replied 15 September 2023
The provision sec 269 st is not applicable in case of any drawings.
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