Name on bill letter head
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 December 2016
Dear Sir,
some vendors are giving printed bills e.g. ABC enterprise and when we ask them to pay by cheque they are asking to issue cheque in favour of any person name. Is it allowable from accounts and income tax point of view. I suppose that cheque should be issued in favour of what printed on letter head of bill and not on individual name except in cases of propreitorship. please reply
thanks in advance. quote income tax sections if possible
some vendors are giving printed bills e.g. ABC enterprise and when we ask them to pay by cheque they are asking to issue cheque in favour of any person name. Is it allowable from accounts and income tax point of view. I suppose that cheque should be issued in favour of what printed on letter head of bill and not on individual name except in cases of propreitorship. please reply
thanks in advance. quote income tax sections if possible
22 December 2016
No, only in case of proprietary concern you can issue provided there is no current a/c otherwise you have to issue Cheque only in the name of organisation.
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