Section 40A(3) of the Income Tax Act plays a crucial role in regulating cash transactions between businesses and their suppliers or service providers. The section […]
Section 40A(3)
Understanding Section 40A(3) and Its Implications on Cash Payments
The Income Tax Act in many jurisdictions contains provisions designed to regulate and monitor the mode of payments made in business and professional transactions. One […]
When Cash Payments are Essential for Business, Section 40A(3) Does Not Apply
Section 40A(3) of the Income Tax Act, 1961, is an integral provision within the tax code of India, designed to regulate how businesses make payments, […]
Clarifying Section 40A(3): ITAT’s Take on Necessary Cash Payments for Business Expenses
The Income Tax Act, 1961, remains the cornerstone of the Indian taxation system, governing the financial obligations of individuals and businesses alike. One of the […]