https://www.taxtmi.com/article/detailed?id=99 The article argues that disallowance of payments shown in an assessee's books fails to curb evasion and recommends repealing or narrowing Section 40A(3). Instead, it proposes a 5% disallowance for non banking payments above a raised threshold, mandatory reporting of significant payments/receipts in tax audit reports or return annexures for cross verification, and coordinated banking measures-separate a/c payee chequebooks, prohibition of altering a/c payee crossing, and detailed bank statement entries-to shift enforcement toward recipient assessment and banking channel transparency. en-us Wed, 28 May 2008 00:00:00 +0530 Fri, 06 Mar 2009 12:46:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=99 The article argues that disallowance of payments shown in an assessee's books fails to curb evasion and recommends repealing or narrowing Section 40A(3). Instead, it proposes a 5% disallowance for non banking payments above a raised threshold, mandatory reporting of significant payments/receipts in tax audit reports or return annexures for cross verification, and coordinated banking measures-separate a/c payee chequebooks, prohibition of altering a/c payee crossing, and detailed bank statement entries-to shift enforcement toward recipient assessment and banking channel transparency. Articles Income Tax Wed, 28 May 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=99