sir , sec 40a(3) payment exceed rs.20000 such payment will be disallowed,its all people know. but my query is invoice bill create different party names , the amount exceed rs.20000 , such expenses is allowed or disallowed
pls help me
2 Replies
NAGASAI.K
(Article Assistant)
(193 Points)
Replied 29 August 2013
As per sec:40a(3), Expenditure incurred in respect of which payment made in excess of Rs.20000 otherthan by account payee cheque or account payee draft to single party in single day is disallowed
In your case ,it is not a disallowable expenditure because bill raised on different party names
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