Payment of salary in cash
This query is : Resolved
PRAVIN KOKAM
(Querist)
31 October 2012
Dear Team,
I want to know whether any company can pay salary to director in cash. Basically company is paying it by cheque but in some cases it is paid by Cash is it acceptable by income tax authorities?
I want to know whether any company can pay salary to director in cash. Basically company is paying it by cheque but in some cases it is paid by Cash is it acceptable by income tax authorities?
CA Roshan Jha
(Expert)
31 October 2012
IF the amount paid is More than Rs.20,000 than it will be disallowed as per income tax act.
PRAVIN KOKAM
(Querist)
31 October 2012
in short, company can make payment of salary in cash???
CA Roshan Jha
(Expert)
31 October 2012
Yes, it can be paid in cash. There is no such restriction anywhere except the disallowance under the Income tax act.
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