Tds on withdrrawaling the self cheque for petty cash

This query is : Resolved

Neelesh Gupta (Querist)
Follow

11 October 2012 Hello Experts,

We are withdrawaling the Cash thru self cheque for petty cash

is there any limit for withdrawaling the self cheque

is there be a taxatation problme in doing this.

please give your suggestions.

thank you

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

11 October 2012 No such restriction for current account. No need to do TDS as well. For cash transactions you need to be more accurate for supporting evidence.

Message likes : 1 times

Neelesh Gupta

Neelesh Gupta (Querist)
Follow

12 October 2012 Hello Mr. Amol,

Thank you.

We are keeping all the supporting evidence however for some expenses we do not get the bills and we only mention the amount and the detail of the expenses in petty cash book.

Also in TALLY do I need to enter the every expenses as I am only entering the total amount what we withdraw for Petty Cash.

Please suggest me on above, thanks for your help.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 October 2012 01. In order to make the CASH transactions AUDIT compliant, we need to get cash memo e.g.petrol expenses) OR bill/invoice + receipt (e.g. small purchases of stores) 02. Over and above, there are certain genuine expenses which may not be supported by external evidence. In such cases, voucher should be prepared and get it signed by the employee incurring the expenditure AND get the same approved by the higher authority. The higher authority shall vary from transaction to transaction and department to department. 03. In tally, there is a good facility to enter total amount as well as every small amount under sub ledger system.

Neelesh Gupta

Neelesh Gupta (Querist)
Follow

12 October 2012 Hello Mr. Amol,

Thank you so much.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now