Cash payment to director
This query is : Resolved
16 June 2014
Pls adv if we can make payment to Director, in cash of Rs 2 lacs, against loan received during previous years from Director in cheque. If yes, can I make one single voucher of Rs 2 lacs, or how much amount can be entered in cash in a single voucher.
Also, can we make payment of Salary in cash monthly to Director?
Thnx and regards
Gurvinder Singh
Also, can we make payment of Salary in cash monthly to Director?
Thnx and regards
Gurvinder Singh
16 June 2014
No Gurvinder u can't make payment above Rs. 20000/- in cash. And secondly if the loan is received by cheque then u must have to pay it other than cash (i.e, Cheque, online transfer etc)
.
.
16 June 2014
no you cannot make cash payment . if you do that you are no follow u/s 269TT.
if salary amount is more than Rs. 20000/- then you cannot make salary in cash. exp will disallow for your company.
if salary amount is more than Rs. 20000/- then you cannot make salary in cash. exp will disallow for your company.
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