Payment of salary in cash
This query is : Resolved
Avinash Jeevan Dsouza
(Querist)
07 April 2020
Can we pay salary in cash for above 10K?
CA PARAS BAFNA
(Expert)
07 April 2020
Section 40A(3) restricts cash payment in a single day upto Rs 10000/-.
If the payees are different but the salary of each employee is less than 10000/- you can pay.
If the salary is more than 10000/- pm you can make payment on 2 -3 different days.
However, the best way is to get opened a savings bank account of your employee.
If the payees are different but the salary of each employee is less than 10000/- you can pay.
If the salary is more than 10000/- pm you can make payment on 2 -3 different days.
However, the best way is to get opened a savings bank account of your employee.
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