Cash withdrawl

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LAXMI (Querist)
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16 April 2014 Hi Experts,
Iam working in an event management company and would like to know is there any limitations on cash withdrawl since we have lot of petty things to procure , payment to travel, transport, bus etc in cash depending upon the event.
and also in many cases we don't get supporting / invoices for the cash expenses . eg we needed to buy nail polish, hat , for one of our client women day celebration we bought from local vendor there was no bill or any thing. How to handle this in accounts and audit point of view. Kindly guide

Sandeep Dharar

Sandeep Dharar (Expert)
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16 April 2014 No there is no limitations on cash withdrawal.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 April 2014 but you need to ensure that you dont pay any expense in cash in excess of Rs 20000 in a day

CA Sachin D Jain

CA Sachin D Jain (Expert)
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19 April 2014 It is suggeated to make all the big payments in cheque and if possible, the small payments ahould also be done in cheque. Ensure that wherever possible in case of cash paymenta, bills / invoices shpuld he procured.

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