Sir please explain whether section 40(A)3 of the income tax and 269ST(bc) are interlinked? if for a single event for an amount of Rs 200000, payment of rs 20000 is made 10 times in cash. so do we have to report under both clauses in form 3cd?

1 answer

Ravi Staff March 11, 2019

first of all Sec 40A(3) limit is changed to 10,000 see amendments 
if cash expense is exceeding 10,000 per party per day it will be reported in clause 21
and if payment exceed 2,00,000 then it will be also reported in clause 31(bc)
so yes you can say that contravention may need disclosure in both clauses

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