Is there any restriction for giving Cash advance to Debtor or employee ?
Any penalty or disallowance ?
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Restriction on Cash Advance
Replies (4)
Refer Section 40A(3)
No, 40A(3) does not apply
(i) Under Section 68:- unexplained cash credits,
(ii) Under Section 69:- Unexplained investments,
(iii) Under Section 69A :- unexplained money,
(iv) Under Section 69B undisclosed investments,
(v) Under Section 69C:-unexplained expenditure and
(vi) Under Section 69D:- amount borrowed or repaid on hundi
40A(3) apply for disallowance of expenditures claimed for deduction under income tax. i.e Items of P & L
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