excess drawn advance refunded
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2010
An executive was given 1.0 lakh chq. to make business trip along with 2 assistants. He spends only 25 thousand and refunds 75000 in cash to the cashier of the company. The cashier accepts the amount and givea receipt. Is this refund by cash legal as per IT act. If so, should he give in the form of chq. Kindly clarify.
CMA Ramesh Krishnan
(Expert)
16 June 2010
Receving back the cash from the employee against his offical advance there is no legal provisions attract as per IT
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