Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2019 Year 2019 This

Addition u/s 40A - expenses incurred in cash in excess of INR ...


Cash Payments Over INR 20K Exempt u/s 40A If Banks Closed on Holidays or Strikes, Per Rule 6DD(J.

January 9, 2019

Case Laws     Income Tax     AT

Addition u/s 40A - expenses incurred in cash in excess of INR 20,000/- - The provision of rule 6DD(J) provides that provisions of section 40A(3) shall not be applicable where the payment was required to be made on a day on which the banks were not open on account of holidays or strike.

View Source

 


 

You may also like:

  1. Disallowance u/s. 40A(3) - no disallowance can be made u/s. 40A(3) and benefit of rule 6DD(j) will be given to the assessee therein it is contemplated that if payment of...

  2. Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed...

  3. Addition u/s 40A - sum paid in cash in respect of purchase of the two immoveable properties - Sale deed has been executed on 18.8.2013 and the payment has been made on...

  4. Income-tax (3rd Amendment) Rules, 2020 - Prescribes electronic modes of payments - Further withdraws the facility for making payment in Cash in case of Bank holidays or...

  5. HC held that u/s 40A, cash payments are restricted to prevent false income claims. Exemptions allowed for special circumstances where bank transactions are impossible....

  6. Disallowance u/s 40A(3) - transactions and payments made in cash - assessee filed affidavits from sub-contractors of assessee firm and they insisted for cash payments to...

  7. Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...

  8. Disallowance u/s.40A(3) - expenses towards air ticket and hotel expenses in cash in excess of prescribed limit u/s.40A(3) - there is merit in arguments of the assessee...

  9. Disallowance of cash payments in excess of prescribed limit u/s. 40A(3) - even though few payments is covered u/s. 40A(3) of the Act, because of peculiar nature of...

  10. Addition u/s 40A(3) - cash payments were made to truck drivers after banking hours - even this amount should not have been disallowed u/s 40A(3) read with Rule 6DD of...

  11. The Appellate Tribunal considered an issue related to the disallowance of expenditure in cash exceeding the permissible limit u/s 40A. The assessee, a milk distributor,...

  12. Risk Management and Inter-Bank Dealings - Non-deliverable derivative contracts (NDDCs) - With a view to developing the onshore INR NDDC market and providing residents...

  13. Benefit of reduced penalty of 15% u/s 28(5) - Delay in payment of penalty due to Public Holiday - The appellant voluntarily paid the differential BCD and interest upon...

  14. Payment of expenditure in Cash - the cash deposited to the bank account of a recipient does not fall within the purview of Section 40A(3) - HC

  15. Addition u/s. 40A(3) - submission of the assessee that certain cash payments were made in non banking hours in the late evening and certain payments were made on a date...

 

Quick Updates:Latest Updates