Deduction of imperest
This query is : Resolved
30 April 2012
If amount is given in cash to any person on his imperest a/c exceeding RS20000, Will this be allowable as deduction under head PGBP..??
01 May 2012
as per my opinion,amt given on imprest a/c is nth but advance to an employee to carry out certain expenses be it cash or cheque.
Further if the employee expends this amount for any expenditure,exceeding 20k, he should consider not using cash for this amount.
Hence as far as cash given to an employee on imprest would be treated as an advance and would no where be reflected in P&l a/c,henceforth no question of allowability.
the question of allowability arises only on the expenditure done by the employee.
Further if the employee expends this amount for any expenditure,exceeding 20k, he should consider not using cash for this amount.
Hence as far as cash given to an employee on imprest would be treated as an advance and would no where be reflected in P&l a/c,henceforth no question of allowability.
the question of allowability arises only on the expenditure done by the employee.
01 May 2012
dont u think this confines the scope of sec43a(3). i dnt think this fulfill the purpose of this section.
01 May 2012
let any other expert answer this in this case!
as per me,it goes that way !
as per me,it goes that way !
24 May 2012
1. Imprest is an advance. It is NOT an expense so it cannot be disallowed u/s 40A(3).
2. However, when expenses are incurred out of such imprest, such expenses shall be disallowed.
So Section 40A(3) will not get attracted at the time of advance but at the time of booking expense against the advance.
2. However, when expenses are incurred out of such imprest, such expenses shall be disallowed.
So Section 40A(3) will not get attracted at the time of advance but at the time of booking expense against the advance.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- CREDIT NOTES WITHOUT GST
- GST not cancelled by tenant
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- FORM 141 SDV query
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
