company
This query is : Resolved
manjeeta modi
(Querist)
19 May 2016
can a company do cash transaction?
Amol S Joglekar
(Expert)
19 May 2016
yes, it may do so subject to disallowance provisions covered under income tax act
manjeeta modi
(Querist)
19 May 2016
if company do patty expense in cash, that is disallowed
Amol S Joglekar
(Expert)
20 May 2016
No, that is NOT the case. But there is a growing tendency, from good governance point of view, that corporates prefer cashless transactions.
manjeeta modi
(Querist)
20 May 2016
Thanx to reply.
but I can't understand
I explain the case,
I have a pvt ltd n I m director . I was did patty expense in my personal a/c. how can I manage this transaction in company's a/c
plz reply
Amol S Joglekar
(Expert)
20 May 2016
did you spend money from your personal account for the company? That is what you mean? In that case, you can submit the details to company and get the reimbursement from the company
manjeeta modi
(Querist)
20 May 2016
thanks for ur suggestion
Amol S Joglekar
(Expert)
23 May 2016
you are most welcome.
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