40A(3) amount exceeding 20000
This query is : Resolved
CA Deepak Chhabra
(Querist)
02 January 2009
if the amount given is more than 20000 for different bills, whether it will attract the above section .For example-
If a employee brings the following bills-
Telephone expenses-5000
Business promotion expenses-10000
Medical expense-10000 the whole amount paid by the company ie 25000 .Whether it will attract the above section
Please reply as soon as possible.
If a employee brings the following bills-
Telephone expenses-5000
Business promotion expenses-10000
Medical expense-10000 the whole amount paid by the company ie 25000 .Whether it will attract the above section
Please reply as soon as possible.
CA Tilak Raj Sharma
(Expert)
02 January 2009
from A.Y. 2009-10 if the aggregate payments to same person exceeds Rs. 20,000 in a single day in cash then the entire amount of such payments will be disallowed. If you will pass the single entry or different entry in the same date, the entire amount will be disallowed.
CA Tilak Raj Sharma
(Expert)
02 January 2009
Please pay the above amount in two dates.
Ram Avtar Singh
(Expert)
02 January 2009
its all Exps. made on behalf of company by an employee. so treet as accounting entry.
telephone exps. dr 5000.
cash cr 5000
business promotion exps. dr 10000
cash cr 10000
likt that.
telephone exps. dr 5000.
cash cr 5000
business promotion exps. dr 10000
cash cr 10000
likt that.
Late CA Sampat Jain
(Expert)
02 January 2009
I AGREE WITH RAMWATAR .........HERE THE REAL PAYEES ARE DIFFRENT ....IT WAS PAID THROUG OUR STAFF ONLY
02 January 2009
Mr. Ram Avtar ji has rightly suggested to book the expenses headwise but directly.
CA Nitin Wadhwani
(Expert)
02 January 2009
If there are different bills consider limit for each bill in a single day to a single person.
CA.Tarun Maheshwari
(Expert)
02 January 2009
Agreed with Mr. Ram Avatar Ji
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