Imprest a/c
This query is : Resolved
02 April 2012
Does amount given to an employee exceding rs.20000 in cash under imprest a/c eligible for deduction under income tax act.??
CA Kishore Tallam
(Expert)
02 April 2012
Giving an amount to employee under imprest is not an expenditure by itself. The employee submits bills against such imprest. If such expenditure is more than Rs. 20,000 per bill per person in a day, then it is disallowed in Income Tax Act.
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