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Direct Taxation
Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the following cash payments he made throughout the year – - 12.06.2018: loan repayment of ₹ 27,000 taken for business purpose from his friend Kunal. The repayment also includes interest of ₹ 5,000. - 19.08.2018: Portable dye machinery purchased for ₹ 15,000. The payment was made in cash in three weekly instalments. - 26.01.2019: Payment of ₹ 10,000 made to electrician due to unforeseen electric circuit at shop - 28.02.2019: Purchases made from unregistered dealer for ₹ 13,500 What will be disallowance under 40A (3), if any, if Mr. Shahid opts to declare his income as per the provisions of section 44AD?
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