TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 40A: Deductions Disallowed for Cash Payments Over 20,000; Non-compliance Treated as Business Income</h1> Section 40A of the Income-tax Act is amended to include new sub-sections effective April 1, 2009. Sub-section (3) disallows deductions for expenditures if payments exceeding twenty thousand rupees are made to a person in a day by means other than an account payee cheque or bank draft. Sub-section (3A) states that if an allowance was previously made for a liability and payment is later made without using these specified methods, it will be considered business income and taxed if it exceeds the threshold. Exceptions may apply based on prescribed circumstances, banking facilities, and business considerations.
TaxTMI 
TaxTMI 
