Cash payment exceeding 20k
This query is : Resolved
05 October 2011
In my business we need to pay tyre puncture charges which generally crosses 20K at one instance.
We are debiting Employee Advance account first and thereafter adjusting thru JV.
Will it be allowed under IT Act, as expense is getting debited with value more than 20K
Pls. advise.
We are debiting Employee Advance account first and thereafter adjusting thru JV.
Will it be allowed under IT Act, as expense is getting debited with value more than 20K
Pls. advise.
05 October 2011
No the said sum of money will not be disallowed under the IT Act, But its really shocking that a tyre Pucture costs more than 20k. Further if charges are so high then the banking facility must be also there with the person reparing the pucture and hence the payment may be done through that route to be on safer side.
Further you can surely contact us in case of Any Problem on any Critical Issue.
Vivek Mehta
(CA, CS, MBA)
+ 91-9413118508
vivekmehta@icai.org
Further you can surely contact us in case of Any Problem on any Critical Issue.
Vivek Mehta
(CA, CS, MBA)
+ 91-9413118508
vivekmehta@icai.org
05 October 2011
I do agree with Vivek Mehta.. You must make an arrangement for banking facility.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Copyright software
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
