Cash payments

This query is : Resolved

eranna (Querist)
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19 April 2015 Dear sir,

I am working as accountant in pvt ltd. My doubt is above Rs.20,000/-, I can paid to staff towards incentive.

Pl clarify ?????

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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19 April 2015 No incentive cant b paid in cash of more than twenty thousand....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 April 2015 Provision of Section 40(A)(3) will be attracted is more than Rs 20000/- is paid in Cash in a Single day. So only way out is either pay it in 2 days by breaking up the amount or pay it by cheque.