Cash transaction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2016
DEAR EXPERTS..
IF I M PAYING SALARY OF RS 45000/- CASH TO MY EMPLOYEE IN SINGLE DAY AS PER BELOW
MR A : 15000, MR B 15000 AND MR C 15000 =45000/-
SO ITS MORE THEN RS 20,000/- PER DAY
SO THIS EXPENSES IS ALLOWABLE OR NOT ?????
IF I M PAYING SALARY OF RS 45000/- CASH TO MY EMPLOYEE IN SINGLE DAY AS PER BELOW
MR A : 15000, MR B 15000 AND MR C 15000 =45000/-
SO ITS MORE THEN RS 20,000/- PER DAY
SO THIS EXPENSES IS ALLOWABLE OR NOT ?????
10 September 2016
Since the salary is paid to 3 separate employees, and the amount is below 20K, hence the amount is fully allowable as per income tax act. Please b sure that there are 3 different payment vouchers for the 3 individuals.
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