Tax audit- disallowance u/s 40a(3)
This query is : Resolved
Pratik Jain
(Querist)
27 September 2013
In one of client, expenses on foreign travel are incurred, of which individual bills are exceeding INR 20000/-.
The client has debited the forex received from dealer to cash A/c and then credited the same to Cash A/c as Employee Advance to Cash A/c.
The payment for purchase of FC is made by cheque.
Query is wether, since I have shown advance in credit of Cash A/c, wether subsequent expenses against such advance be disalowed on the ground that they are paid in cash
The client has debited the forex received from dealer to cash A/c and then credited the same to Cash A/c as Employee Advance to Cash A/c.
The payment for purchase of FC is made by cheque.
Query is wether, since I have shown advance in credit of Cash A/c, wether subsequent expenses against such advance be disalowed on the ground that they are paid in cash
27 September 2013
yes if there is payment done in cash exceding 20,000 then u need to report it.
27 September 2013
Yes you have to make report for the same.
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