Provisions u/s.40A(5), Income Tax Act 1961.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n technicians and the ITOs assessing the cases of the employers the question of disallowing the salaries and perquisites paid in excess of the limits prescribed u/s.40A(5) has escaped the attention of the ITO assessing the employer. This has resulted in loss of revenue and under-assessment in certain cases pointed out by the Revenue Audit. 2. In order to avoid such lapses in future and to ensure .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... c., and should take suitable action to disallow the excess amount if any in the assessment of the employer in terms of sec.40A(5)/40(a)(v). c). The IAPs auditing the cases of the technicians should also consider the question of the application of sec.40A(5)/40a(v) in the case of the employer on, the basis of the facts and material available in the technicians assessment records and advise their .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X