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cash entry and vouchers

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This query is : Resolved

survesh (Querist)
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17 November 2010 Respected Sir,

Our Firm is A Partner Ship Firm.We deal major in Cash Transation.The payments are say Unloading Charges,Various Consultancy chrges.

Please Say how may cash entry can i pass i a day in the books of Firm Ac

How much amount can we pay in cash in a day.

Only cash voucher presented will be ok or bill needed.Some time we dont receive bills but payment are made.

How should be the voucher presented for cash payment by legal way.

Please reply.

Thanks & Regards

S. Karthi

S. Karthi (Expert)
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18 November 2010 As per audit rule you should submit bills for each and every cash payment. if you dont have a bills by the time of auditing, auditor will disallow those things immediately. so, you better to print a bill book. which looks like issued by contract person or association to avoid 30% tax on your income and you should careful by preparing payment vouchers. bcoz, payment voucher should not exceed Rs. 20000/- as single payment and please watch the billing amount does not exceed Rs. 75000/- for this financial year. bcoz, you need to deduct TDS for such a contract type of payment made by you @ 2% or 1%.

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