Payment above 20000 in cash
This query is : Resolved
Abhishek garg
(Querist)
17 May 2014
Can a payment of more than 20k be made to different individuals in a single cash voucher.
Sandeep Dharar
(Expert)
17 May 2014
The limit is on payment to a single party in a single day. U can make expenditure in cash above 1 crore also but it must not cross rS 20k to a single person in single day.
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Abhishek garg
(Querist)
17 May 2014
Thank you for your precious reply.
but if the single cash voucher is made to pay all the individuals on a single date and that cash voucher exceeds Rs 20000 does the provision applicable or not.
but if the single cash voucher is made to pay all the individuals on a single date and that cash voucher exceeds Rs 20000 does the provision applicable or not.
Nikhil Kaushik
(Expert)
18 May 2014
well as such the provision should not apply as long the payment made to single party doesnt exceed 20000
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Sandeep Dharar
(Expert)
19 May 2014
In that case I suggest u to make separate vouchers for all the individuals. I will b allowed if it is clear n all evidences r supporting it. But it is not correct as per accounting principles.
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