Under Section 40A(3), any cash payment exceeding ₹10,000 (₹35,000 for transporters) in a single day to a person is disallowed as a business expense. This means such payments cannot be deducted when calculating taxable business income.
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Under Section 40A(3), any cash payment exceeding ₹10,000 (₹35,000 for transporters) in a single day to a person is disallowed as a business expense. This means such payments cannot be deducted when calculating taxable business income.