Can vehicle & stock insurance be paid in cash?
This query is : Resolved
Nitin Panthri
(Querist)
04 November 2012
Hi Experts,
While auditing a company, I found that the company has paid Insurance premium for its Vehicles & Stock in cash.
U/s 36 of Income tax Act, I found that mandatory bank payment is in case of Employees' health insurance.
Please confirm me whether the above expenditure is allowable under Income tax act.
Looking for your prompt & Valuable reply.
Regards, Nitin
npanthri152@gmail.com
While auditing a company, I found that the company has paid Insurance premium for its Vehicles & Stock in cash.
U/s 36 of Income tax Act, I found that mandatory bank payment is in case of Employees' health insurance.
Please confirm me whether the above expenditure is allowable under Income tax act.
Looking for your prompt & Valuable reply.
Regards, Nitin
npanthri152@gmail.com
Amol S Joglekar
(Expert)
04 November 2012
Yes it can be paid in CASH. Payment exceeding 20000 in cash..... should be taken care of.
Message likes :
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Nitin Panthri
(Querist)
07 November 2012
Thanks Sir.. :D
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