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[Cites 0, Cited by 3168] [Section 40A] [Entire Act]

Union of India - Subsection

Section 40A(3) in The Income Tax Act, 1961

(3)Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, or use of electronic clearing system through a bank account 68[or through such other electronic mode as may be prescribed69], exceeds ten thousand rupees, no deduction shall be allowed in respect of such expenditure.