regarding cash payment excess Rs.20000
This query is : Resolved
30 September 2009
we(company) have paid cash excess Rs.200000 for funeral expenses to the family member. is it allowable or not.
pl.reply
pl.reply
30 September 2009
Kumar, this will form a part of drawings. Now for disallowances of expenses paid in cash above 20K, this needs to be a part of expenses dr. to profit & loss account.
In as this a drawings & never dr. to profit & loss account so allowability of such expenditure does not arise.
In as this a drawings & never dr. to profit & loss account so allowability of such expenditure does not arise.
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