Disallowance u/s 40 a 3

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WebFifth issue, is disallowance u/s 40(a)(ia) of the Act, to be restricted to 30%, which is common for 2006-07, 2007-08 and during the course of arguments, Ld. WebFeb 21, 2011 · Payments Disallowed u/s 40A(3) & 40A(3A): As per section 40A(3) w.e.f 2009-10, where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a …

Disallowance of advance u/s 40a(3) - CAclubindia

WebSection 40A (3): Disallowance of expenses made in Cash and Exceptions. Section 40A (3) came into existence in order to disincentivise cash transactions. It is an important section of the Income Tax Act, 1961, designed to reduce tax evasion and increase accountability. In short, all payments should be made in demand draft/cheque. WebSection 40A (3) of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on bank or account payee bank draft or use of electronic clearing system through a bank account, exceeds Rs 20000 (wef A.Y. 2024-19 Rs ... prayer of st john henry newman

Disallowance u/s.40 (A)(3) - YouTube

Web"3. Disallowance u/s. 40(a)(ia) of the I.T Act: During the year under consideration, the assessee company paid the following amounts without deducting taxes as per Chapter-XVII B of the Income-tax Act. Sl.No. Type of payment Amount (Rs) 1 Effluent treatment charges 10,70,475 2 Processing charges 7,92,925 3 Freight outward 37,442 Total 19,00,842 ... WebContention that the disallowance in any case could not have been made u/s. 40A(2)(b) - We find no merit in this consideration - A.O. has not invoked Section 40A(2)(b) for the purposes of making the disallowance - AO we find has only referred to the Section for pointing out that the agents were closely related to the assessee qualifying as ... WebJul 29, 2024 · Section 40(a)(ia) provides for the consequences of default in the case where tax is deductible at source on any interest, commission, brokerage or fees but had not … prayer of st james

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WebMar 26, 2024 · The ITAT held that the sale of prepaid sim cards/recharge vouchers by the assessee to distributors cannot be treated as commission/discount to attract the provisions of section 194H of the Act and hence there cannot be any obligation on the part of the assessee to deduct tax at source thereon and consequentially there cannot be any … WebApr 24, 2024 · This sub-section deals with the issue of disallowance of surcharge and cess and is an extension of the clarificatory amendment brought in by introduction of Explanation 3 to S. 40(a)(ii) of the Act with retrospective effect from 01.04.2005. ... u/s. 154 of the Act and the time limit for the said purpose would be up to 31.03.2026. Thus, there ... prayer of st jeromeWebJul 26, 2024 · Accordingly, ITAT held that disallowance under Section 40A (3) attracts if the assessee makes the payment in excess of Rs. 20,000 in a day to any person with regard to the expenditure incurred. Since each … scitech cafe

"WebDec 28, 2024 · The assessing authority not being satisfied by the reply submitted by the petitioner proceeded to make addition of Rs.3,40,000/- in the income of the petitioner and disallowed the benefit/exemption under Section 40A(3) of the Act, 1961 for the reason that payment exceeding Rs.20,000/- was made other than crossed cheque or bank draft. " - Disallowance u/s 40 a 3

Disallowance u/s 40 a 3

UPDATED: CDOT says US 40 between Craig and Steamboat could …

Web2024 Title Date Document Description; Det. No. 19-0253, 40 WTD 260 (2024) 12/30/2024: 40WTD260.pdf: An environmental remediation business protests the Department’s tax ruling, arguing that the Department’s TI&E section erroneously concluded that its activities do not qualify for the Cleanup of Radioactive Waste for the United States Government … WebApr 13, 2024 · U.S. 40 closed east of Craig to downtown Hayden around 3 a.m. The closure was expanded to between Craig and Steamboat around 4:30 a.m. With a high of 56 degrees forecasted in Steamboat Springs and 57 degrees in Hayden on Thursday, flooding may continue as snow rapidly melts. For more updates, look to Hayden’s Facebook page and …

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WebJun 17, 2024 · On statutory disallowances u/s 40 (a) (ia) 40A (3) there cannot be any penalty u/s 271 (1) (c) especially when assessee not claimed deduction of these expenses ABCAUS Case Law Citation: ABCAUS 3016 (2024) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT v. Manjunatha Cotton & Ginning Factory, 359 ITR … Webwhat is disallowance under section 40(a)(ia), According to section 40(a)(ia), any amount payable to a resident, which is subject to TDS, would attract 30% disallowance if it is paid without TDS or if TDS deducted but is not …

WebITO (supra) has held that disallowance u/s. 40 (a) (ia) of the Act be restricted to 30% of the expenses paid as against 100% because amended provision is curative in nature and the provisions should be applied retrospectively Read more › PCIT vs. Make My Trip India Pvt Ltd (Delhi High Court) Posted on April 6, 2024 by editor — No Comments ↓ WebOct 18, 2024 · Ld. Assessing Officer has to verify whether assessee had complied with Sub Section (6) of Section 194C of the Act. He also needs to verify whether the assessee had filed form No.26Q, though belatedly. If assessee has complied with these there can be no disallowance u/s. 40 (a) (ia) of the Act.”. 5. Ms.V.Pushpa, learned Senior Standing …

WebFeb 24, 2024 · The amount of expenditure liable for disallowance under section 40A(3) is: (A) ₹ 40,000 (B) ₹ 12,000 (C) ₹ 20,000 (D) Nil [June 2024] Hint: w.e.f 29/1/2024 – Payment in excess of prescribed limit made otherwise than by prescribed account of holiday or strike would attract disallowance u/s 40A(3). Answer: (A) ₹ 40,000. Question 45. WebMar 16, 2024 · In such a case,30% of the amount will be disallowed. (Earlier whole 100% was disallowed) Examples of Such Expenses are Interest, Royalty, Fees for Technical Services etc. CBDT Circular 10/2013. Note:-Although the Section mentions that this Section is Applicable on “Any Amount payable”.as per CBDT Circular,it is “Any amount paid or …

WebJul 28, 2024 · Income Tax Appellate Tribunal (ITAT), Mumbai: Explaining the law on disallowance u/s.40(a)(ia), the Tribunal has said that if the payees have included the subject mentioned transaction in their income tax returns, then the assessee payer should not be treated as assessee in default and disallowance u/s.40(a)(ia) of the Act should …

Web9 hours ago · European markets: The opening calls. European stock markets are set to open higher, according to IG data. The FTSE will rise to 7,855.7 with a 10.7-point gain, Germany’s DAX will be up 41.5 ... scitech call for papersWebMay 20, 2024 · This case proceeds to disallow the sum under section 40 (a) (ia) in respect of which TDS gets deducted. During the appellate proceedings, it holds that TDS got deducted at a lower rate ; hence, it means that provisions of section 40 (a) (ia) are not appropriate in respect of the appellant. prayer of st. francis textWeb1 day ago · 3. That the disallowance of Rs. 501,952,442 upheld by the ... has erred in upholding the disallowance, under clause (ia) of s. 40(a) of the Act, of business expenditure of Rs. 43,612,876 being the lease rent paid by the appellant-assessee to Yamuna Expressway Industrial Development Authority without deduction of tax. ... by Circular … scitech centre jogeshwariWebUnder Section 40A3 (b), all expenditure incurred by any organisation, company, or firm that the establishment pays in cash above Rs. 10,000 per day cannot be claimed as tax exemption either. One significant feature of the 40A3 Income Tax Act in this second scenario is that it limits itself to expenses only. prayer of st judeWebHC: TDS proceedings against Google India, time-barred; Follows Delhi HC Bharti Airtel ruling. Apr 01, 2024. In Favour of Assessee. Citation Number : TS-155-HC-2024 (KAR) Tax Payer : Google India Pvt Ltd. Income tax Appellate Tribunal. prayer of st john vianneyWebFeb 21, 2024 · The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the provisions of disallowance under section 40(a)(ia) of the Income Tax Act, 1961 does not apply to the short deduction of tax as it covers only cases of non-deduction of tax.The department, while completing the proceedings against the assessee-Company, has … scitech centreWebNov 26, 2015 · He disallowed the expenditure u/s 40(a)(ia). This was reversed by the CIT (A). On appeal by the department, HELD dismissing the appeal. ... 324 ITR 376 it was held that Bill of exchange is covered under negotiable Instrument Act so no disallowance u/s 40A(3). (ii) Provisions of s. 40A(3) apply for each payment and not aggregate of the … scitech ceo