cash paid by director to supplier which is more than 20000 is it allowed
Pls Help me Sec 40A(3)
Page no : 3
aruna maheshwari
(article)
(22 Points)
Replied 23 December 2010
Any payment more than Rs. 20000 other than by way of account payee cheque or bank draft will attract sec 40A(3). If director deposit more than Rs 20000 in bank account bof suppllier will be disallowed. There is specifically mentioned that payment should be in account payee cheque or draft. so it will be disallowed.
Sumiti Jain
(FP)
(1364 Points)
Replied 27 December 2010
| Originally posted by : aruna maheshwari | ||
 |
Any payment more than Rs. 20000 other than by way of account payee cheque or bank draft will attract sec 40A(3). If director deposit more than Rs 20000 in bank account bof suppllier will be disallowed. There is specifically mentioned that payment should be in account payee cheque or draft. so it will be disallowed. |
 |
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
