Accounting treatment under sec 40(a)3

[pardeep bisht]

pls provide the provision for accounting tratment under sec 40(a)3 of Income Tax Act, 1961.

[Mukesh Kumar]

Do you mean 40A(3) - this section is related to disallowance of an expenditure incurred in case in excess of Rs. 20,000/-.

[DEV KUMAR KOTHARI]

Sorry your query appears to be wrong, incomplete, and misleading. This shows utter lack of your seriousness on the subject. Discussion forum is not for fun it is for discussion. This column of www.taxtmi.com is to initiate discussion and ascertain various possible views to further the object of learning and sharing knowledge and to clear doubts. The issue placed should include some basic information about the subject matter so that readers can at least have some idea about the issue, problem,related provisions and off course the views of the initiator of the issue. This will be helpful in getting better response from learned readers. In absence of the same, the readers cannot be serious about the issue and willing to spare time to merely provide information and solutions. This is my personal view.

AI Summary

Discussion on Proper Accounting Treatment Under Income Tax Act Section 40A(3) for Expenditures Over Rs. 20,000 A query was raised regarding the accounting treatment under Section 40(a)3 of the Income Tax Act, 1961. One respondent clarified that the correct reference might be Section 40A(3), which deals with the disallowance of expenditures exceeding Rs. 20,000. Another respondent criticized the query for being vague and misleading, emphasizing the importance of providing sufficient information to facilitate meaningful discussion and knowledge sharing in the forum. The respondent stressed that the forum should be used seriously for learning and exchanging views, not for casual inquiries.