40 a 3
This query is : Open
Shashikant
(Querist)
06 January 2014
Dear Experts,
I have a case regarding cash payment:-
M/s X co. issue cheque in the name of employee of Rs. 40,000/- for purchasing a Mobile Phone. The employee withdraw the cash from Bank and then purchased a Mobile phone.
The question is that whether this payment is cover under Payment u/s 40 A 3.
I have a case regarding cash payment:-
M/s X co. issue cheque in the name of employee of Rs. 40,000/- for purchasing a Mobile Phone. The employee withdraw the cash from Bank and then purchased a Mobile phone.
The question is that whether this payment is cover under Payment u/s 40 A 3.
Ganeshbabu K
(Expert)
09 January 2014
if cheque is open cheque then it is cash payment and disallowed.but if cheque is account payee cheque it is not cash payment adn allowed
.
.
it is difficult to find out for auditor whether cheque issued is crossed or open cheque unless a copy of cheque is pasted with the voucher
.
.
That is why it is recommended to get certificate from assesse that he had issued only account payee cheques for payment more than 20000
.
.
it is difficult to find out for auditor whether cheque issued is crossed or open cheque unless a copy of cheque is pasted with the voucher
.
.
That is why it is recommended to get certificate from assesse that he had issued only account payee cheques for payment more than 20000
Shashikant
(Querist)
21 January 2014
DEAR SIR,
BUT IN MY OPINION IT IS A TRANSACTION COVERED U/S 40A3
BUT IN MY OPINION IT IS A TRANSACTION COVERED U/S 40A3
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