Get the free Disallowance under Section 40(a)(ia) of the Income-tax Act ... - KPMG

KPMG FLASH NEWS KPMG in India 1 July 2015 Disallowance under Section 40(a)(IA) of the Income tax Act, 1961 Law is evolving Background High Courts ruling Recently, the High Court of Punjab and Haryana

How to fill out disallowance under section 40aia

How to fill out disallowance under section 40aia

1. Step 1: Start by gathering all the necessary documents related to the disallowance under section 40aia.
2. Step 2: Fill out the disallowance form by providing accurate and complete information.
3. Step 3: Make sure to mention the specific section 40aia under which the disallowance is being claimed.
4. Step 4: Attach any supporting documents or evidence that can validate the disallowance claim.
5. Step 5: Double-check all the information provided in the form to ensure its accuracy.
6. Step 6: Submit the filled-out disallowance form along with the supporting documents to the appropriate authority.
7. Step 7: Follow up on the status of the disallowance claim if required.

Who needs disallowance under section 40aia?

1. Any individual or entity engaged in business or profession and is subject to the provisions of section 40aia may need to fill out disallowance under section 40aia.
2. Taxpayers who have made certain payments specified under section 40aia are required to report and claim disallowance accordingly.
3. Businesses or professionals who have made payments without deducting or withholding the required taxes at source may need to fill out disallowance under section 40aia.
4. Entities or individuals who have been audited by the tax authorities and have disallowed expenses under section 40aia will need to fill out disallowance accordingly.

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What is disallowance under section 40aia?

Disallowance under section 40aia refers to the disallowance of certain expenses or payments made in cash exceeding specified limits as per the Income Tax Act.

Who is required to file disallowance under section 40aia?

Any taxpayer who has made payments or expenses exceeding the specified limits in cash is required to file disallowance under section 40aia.

How to fill out disallowance under section 40aia?

Disallowance under section 40aia can be filled out by providing details of the payments or expenses made in cash exceeding the specified limits in the appropriate section of the income tax return form.

What is the purpose of disallowance under section 40aia?

The purpose of disallowance under section 40aia is to prevent tax evasion and ensure transparency in financial transactions.

What information must be reported on disallowance under section 40aia?

The information that must be reported on disallowance under section 40aia includes details of the payments or expenses made in cash, the amount exceeding specified limits, and the nature of the expenses.