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<h1>Income Tax Act: Section 40A(3) Bars Deductions for Cash Payments Over Rs. 10,000 to Encourage Financial Transparency.</h1> Section 40A(3) of the Income Tax Act disallows deductions for expenditures exceeding Rs. 10,000 if paid in cash or through modes other than an account payee cheque, bank draft, electronic clearing system, or prescribed electronic methods. This provision aims to limit cash transactions and promote transparency in financial dealings.
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