Chola & Co. is a partnership firm engaged in trade of textile goods. Which of the following payments is liable for disallowance under section 40A(3) of the Income Tax Act, 1961? (i) Debit card payment (ii) NEFT payme
CS Executive · Tax Laws · PYQS · June 2023
Chola & Co. is a partnership firm engaged in trade of textile goods. Which of the following payments is liable for disallowance under section 40A(3) of the Income Tax Act, 1961? (i) Debit card payment (ii) NEFT payment (iii) UPI payment (iv) Bearer cheque payment (v) Net banking
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
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