[aaykarbhavan] Section 40A(3)

 

 Hi,

This is regarding section 40A(3) of the Income Tax Act. If payment is made more than Rs.20000 in cash then the expenditure is to be disallowed subject to conditions in Rule 6DD. But what if the payment more than Rs.20000 is made for a fixed asset? whether the depreciation will be disallowed (depreciation disallowance is given in the Ready Reckoner) or is it allowed and nothing is to be done.

I think there is some circular for the same.
 

Awaiting Reply,

Karim

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