Salary more than Rs 20000 in cash
This query is : Resolved
varun gupta
(Querist)
08 June 2009
A company pays salary to its staff(1 person) amounting more than Rs 20000 in cash. Will this amt be allowed as Business exp or not?
What if company pays salary to a person via bearer cheque for an amt more that 20000/-
What if company pays salary to a person via bearer cheque for an amt more that 20000/-
Sumit gupta
(Expert)
08 June 2009
From the second proviso to section 40A(3), it is evident that no disallowance under this sub-section shall be made where any payment in a sum exceeding Rs. 20,000 is made otherwise than by a crossed cheque/crossed bank draft in such cases and under such circumstances as may be prescribed
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