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Q. > Please Help: Income Tax Act
My auditee has granted an advance of Rs. 30000 as Tour advance to one of the employee. Whether this would fall under the purview of section 40(a)(3) of income tax act.
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Comments
Piyush Laddha
10-Jan-2015 , 06:58:20 pmNo, It will not come under the perview of Section 40 A(3) because the company has not paid any payment, it is advance only and voucher of employee will be also in part only.
Y.K.Bhushan
14-Jan-2015 , 10:12:14 amNo in fact it is not a expense , it is an advance only
m r gopal
14-Jan-2015 , 11:52:00 amsince this is only an advance and has not crystalised into expenditure provision of sec 40(a)(3) may not be attracted
Ashish Jain
14-Jan-2015 , 03:52:53 pmNo, it is not in nature of expense
ashish shah
14-Jan-2015 , 06:23:56 pmit will result in book adjustment and finally expense will be debited which is exception as mentioned in rule 6DD(d).
Neeraj Trivedi
14-Jan-2015 , 08:10:31 pmTake Tour advance as Short term advances and when actual expense is known put the expenses entry in pl and cancel the advance with it...and by doing this sec-40a3 would not be affected as the expenditure is not charge to pl
Neeraj Trivedi
14-Jan-2015 , 08:16:07 pmthe last line i want to amend.. and by doing this sec-40a3 would not be affected as the advance not yet charged to pl..
Geetika Mittal
12-Feb-2015 , 07:17:31 amThanks everyone for your clear and valued comments..