corporate and professional update february 7,2016
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 7,2016 INCOME TAX ACT SECTION 40A(3) BUSINESS DISALLOWANCE – CASH PAYMENT EXCEEDING PRESCRIBED LIMITS Agent in villages : Where assessee made cash payments in excess of Rs. 20,000 for purchase of crackers, in absence of even names of agencies or agents or retailers living in villages to whom said payments were …