section 40 B

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..... section 40 B
Query (Issue) Started By: - mayank gupta Dated:- 10-3-2013 Last Reply Date:- 11-3-2013 Income Tax
Got 1 Reply
Income Tax
sir if a entity has purchased goods worth Rs 35000 on .....

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..... credit and passed the entry Purchase a/c Dr 35000 to Creditor A/C and then the payment is made personally to the creditor by the proprietor and then he passes the entry Creditor A/c.... Dr .....

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..... To Capital A/C so this expense is allowed in section 40 B of Income Tax Act or not because the payment is settled in cash only , no payment is made by account payee cheque by Mayank Gupta Reply B .....

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..... y CA GOPALJI AGRAWAL: The Reply: First it is presumed that you are concerned about sec 40A(3). Your case is apparently covered under the mischief of law. However you may refer the exception under rul .....

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..... e 6DD.
Discussion Forum - Knowledge Sharing .....

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