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.
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