Cheque payment for work done by contractor

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2015 We are a building maintenance company and maintain the common areas.One of the flat owner got his flat renovated under our supervision from a contractor.Now that the work is complete the company has issued us a cheque for the amount.Since we are a limited company ,can we accept the cheque and issue a cheque to the contractor from our company.what are the tax liabilities if we can do this

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 May 2015 You can accept the cheque and issue a cheque no tax liability. While issuing the cheque record in the voucher that it is issued against payment received vide cheque.

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Cheque payment for work done by contractor

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