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of <h1>Section 40A narrows business expense deductions for payments to related parties, excessive cash payments, and certain reserves.</h1> Section 40A restricts deductions for business or professional expenses: payments to specified related or substantially interested persons are disallowed to the extent they are excessive or unreasonable relative to fair market value or business needs; specified domestic transactions at arm's length are exempt. Cash payments above prescribed thresholds (generally Rs.10,000, Rs.35,000 for hiring goods carriages) made otherwise than by approved non-cash modes are disallowed and subsequent cash payments may be taxed as income; exceptions may be prescribed for limited banking access. Provisions for gratuity reserves, employer contributions to certain funds, and marked-to-market or expected losses are restricted or disallowed except where other sections permit.
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