Cash payment >20,000/- to capital work contractor (labour)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2014
We Are Paying the Cash to Civil work contractor for work done by him by Labor
Amount is Rs.100000/-
we will pay the cash to contractor then contractor pay to labour, we will receive the bill from contractor tds deducted 1% on Rs.100000/-
It Is Accepted in Single Voucher or Not
Amount is Rs.100000/-
we will pay the cash to contractor then contractor pay to labour, we will receive the bill from contractor tds deducted 1% on Rs.100000/-
It Is Accepted in Single Voucher or Not
05 June 2014
Dear,
If contractor is issuing invoice to you and you are also deducting TDS then i recommend you to pay by banking channel whatever it is like cheque, Demand draft, online transfer or wire transfer.
if you incur any cash expenses in excess of 20,000/- then you should Pay by banking channel only. otherwise it is disallowed in the Income tax act and you need to pay tax on that along with interest and penalty.
If contractor is issuing invoice to you and you are also deducting TDS then i recommend you to pay by banking channel whatever it is like cheque, Demand draft, online transfer or wire transfer.
if you incur any cash expenses in excess of 20,000/- then you should Pay by banking channel only. otherwise it is disallowed in the Income tax act and you need to pay tax on that along with interest and penalty.
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