Please Help: income tax
Posted Date : 10-Jul-2012 , 06:31:58 pm | Posted By: SUNIL AGRAWAL
Category :
Income Tax | Answers :
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one of my client is engaged in logistic business. as per section of 40A(3) amounts not deductible in respect of expenditure of Rs. 20000/-. and with effect from October 2009 the monetary limit of Rs. 20000 has been raised to Rs. 35000/- in the case of payment made for plying, hiring or leasing goods carriages. i want to know that if my client who is engaged in logistic business paid salary, conveyance, repair & maintenance exp. or other expenditure above rs. 20000/- but below rs. 35000/- then it will be allowed or not |
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Answers:
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 Answer by: Krishna Chandra Santi |
| Client is involved in logistic business. Now the client is paying for salary, conveyance, repair & maintenance and other expenses but not for playing, hiring or leasing of goods carriages. As per my knowledge limit of Rs 35000 (payment made in cash) is applicable in case of payment made for playing, hiring or leasing goods carriages and in all other cases the limit Rs 20000. In this question salary expenses will be allowed if it is paid after deducting tax at sources u/s 192, otherwise it will be disallowed.
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| Comments |
| Posted By : Saurabh Mittal |
11-Jul-2012, 02:58:48 |
| no this limit only for Transportation exp. for other exp. limit is 20000 in a day. |
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| Posted By : Lalit |
10-Jul-2012, 11:18:05 |
| with effect from 1/10/2012 payment for playing, hiring or leasing goods, carriage than amount paid exceeding from 35000/- will not allowed as exp., means for these typ of business the exp in cash allowed up to 35000/- in a day. |
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| Posted By : Lalit |
10-Jul-2012, 10:28:16 |
| with effect from 1/10/2009 in case of payment made for playing, hiring or leasing goods, carriage,expenditure paid in cash up to 35000 are allowed in a day. |
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| Posted By : |
10-Jul-2012, 10:24:20 |
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