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.

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.