section 40A(3)

Amit Gupta (navi mumbai ) (152 Points)

14 July 2018

Hello
if payment is made rs 10,000/- in f.y.2017-18
then it will disallowed or not(40A(3))

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5 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 14 July 2018

40A(3) is applicable from 01.04.2017 so any expense in cash above 10k will be disallowed expense.

Better break expenses.

Amit Gupta (navi mumbai ) (152 Points)
Replied 14 July 2018

okay Ruchika Madam

but if cash paid is 10000/-
then?

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 14 July 2018

Above 10k is not allowed

So if its exact 10k then its allowed

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Amit Gupta (navi mumbai ) (152 Points)
Replied 14 July 2018

okay thanks...

and what about cash paid to worker above 10k

siva andhavarapu (ca final) (388 Points)
Replied 14 July 2018

any expenses more than 10k is disallowed

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