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
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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