tax audit

student (WORKING) (757 Points)

15 May 2011  

 



PYMT IS MADE BY ORG TOWARDS ADVANCE & IF SUCH PYMT EXCEED 20000/-

THEN ALSO SEC 40A(3) WIL NOT BE ATTRACTED BECAUSE AS PER THIS SEC ALSO ONLY THOSE EXP CAN BE DISALLOWABLE WHICH CAN BE OTHERWISE ALLOWABLE UNDER THE HEAD PGBP.......
B/C SEC START AS WHERE THE ASSESSEE INCURRS ANY EXPENDITYRE..............

THEREFORE THIS SEC WIL NOT APPLY IN CASE OF THOSE ITEMS WHICH R NOT ALLOWABLE U/H PGBP LIKE ADVANCE PYMT FOR FLATS.

ONE MORE PT=THAT IN CASE OF LOAN/DEPOSIT TAKEN/ACCEPTED & REPYMTS=269SS/T APPLY BUT IN CASES OTHER THAN THIS IF CASH IS RECD FOR OTHER REASONS WHICH SECTION IS ATTRACTED EG CASH INTRODUCED BY THE PROP IN EXCESS OF 20000

B/C FOR PYMTS[P & L A/C] THERE IS 40A(3) FOR RECEIPTS OTHER THAN 269SS & T WHETHER THERE R ANY OTHER SEC