A firm has business of selling 2 wheelers vehicles. It pays RTO tax in cash in excess of Rs.20000/- per day. Further, Partners withdraw cash in excess of Rs.20000/- per day. Whether 40A limit of Rs.20000/- is applicable for RTO tax and partner cash withdraw or not ?
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Regarding Applicability of 40A
Replies (2)
RTO may come under exemption related to govt.
But limit is applicable to partner's
But limit is applicable to partner's
Section is 40(A) 3 .
It's a disallowed expenditure.
It's a disallowed expenditure.
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