Can cash payment made for Vehicle and Equipment insurance.

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..... Dear Sir, Let us know whether vehicle insurance and equipment insurance made by cash. If it is disallowed , kindly let us know the IT U/s ? Regards Sanjoy Das - Reply By MAHENDRA SURANA - The Rep .....

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..... ly = Mr. Sanjoy Das Insurance premium is covered u/s 36(1)(i) of Income tax , 1961 . Which silent about cheque or cash payment . But Section 40A(3) of Income tax Act,1961 restrict to Rs, 20 .....

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..... ,000/- in cash if more than that it should be paid by A/c payee cheque or Bank Draft subject to some condition.Otherwise it may disallowed as per the provision of Sec 40A(3) - Can cash payment mad .....

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..... e for Vehicle and Equipment insurance. - Query Started By: - Sanjoy Das Dated:- 22-4-2015 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, perso .....

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..... nal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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