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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on Disallowance of cash expenses or limit on cash transactions |
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What is the provision of Section 40A(3)? |
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Ans. If the payment (or aggregate of payments) for an expenditure to a person in a day exceeds Rs. 10,000 and it is made by any mode other than account payee cheque or bank draft or electronic clearing system through a bank account or electronic modes prescribed in Rule 6ABBA, no deduction shall be allowed for such expenditure. |
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