salary payments
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2010
I have observed top officers take salary in cash every month including arrears all more than 20000/- per day. They draw LTC advance of 60000 thousand in cash. Why private company not make salary payments in cash for more than 20000 per day. Kindly guide.
19 January 2010
Not only Pvt. Co.s but all taxable units can not make payment exceeding Rs. 20,000/-in cash on a single day because it is dis-allowed (Chargeable to tax) under the provisions of the Income Tax Act, 1961.
CMA Ramesh Krishnan
(Expert)
19 January 2010
If you are paying Salary in cash after considering the TDS as per Sec.194C - Sec.40(A)3 will not attract
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