can anyone please explain me in detail the difference between advance , advances against salary and imprest?also , please clarify whether TDS is to be deducted for the same at the time of giving to the employee?
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Advance vs imprest
Replies (1)
Advances are meant to be returned or adjusted from further payments. On the other hand, Imprest are the sum given by the company to the employee for the purpose of incurring expenditure/ purchases on behalf of company.
Moreover, TDS is required to be deducted on Advance Salary and liability to deduct tax at source shall arise at the time of actual payment of advances and not at the time of accrual.
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