Petty cash expenditure exceeding 20,0000 by cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2013
Does Petty cash expenditure exceeding 20,000 by cash in a single day acceptable or not?
Dintakurthi Tirumala
(Expert)
18 December 2013
Yes, acceptable. Because of petty cash expenditure means expenditure met for misc.items not for a single item. In case if you expended more than Rs.20000 cash for a single item through petty cash then it may be disallowed according to the section 40A(3).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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