INCOME TAX RULE 40(A) 3 FOR PAYMENT EXCEEDING 20000 & EXCEPTIONS

Income tax has some rules to minimize the evasion of the payment made in cash. These rules are as follows.1- Section 40A(3) a It provides that any expenditure incurred as a payment in sum of exceeding Rs.20000/- otherwise of paying with payee account cheque, demand draft or any transaction made by banks like RTGS, shall not be allowed as...