Staff Advance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2011
Hi, Happy New Year 2011.
Can any body tell me whether the payment of staff advance in cash amounting to Rs. 50000 (which will be adjusted from his/her salary over the period of 50 months) is disallowed or not under Income Tax Act.
Regards
Dulal
Can any body tell me whether the payment of staff advance in cash amounting to Rs. 50000 (which will be adjusted from his/her salary over the period of 50 months) is disallowed or not under Income Tax Act.
Regards
Dulal
03 January 2011
Disallowed,
If no banks is available in that area, allowed.
If no banks is available in that area, allowed.
Vivek Raju P
(Expert)
03 January 2011
Disallowance u/s 40A(3)is applicable only in case of payments for expenditure and the act is clear. The staff advance in cash is not an expenditure. Hence it will have to be allowed. Disallowance is not attracted in this case.
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