our company paid 400000 (to 80 employees)as reward to employees & passed a single entry in books as cash transaction of payment for employee reward
whether cash expenditure more than 10000 could be allowed as deduction please clarify!!
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Allowance of expenditure
Replies (3)
U cant pay bonus in cash if it is distributed as a profit and as per section 43B u can pay cash to a single person in a single day less than 10000rs.
Tq for ur reply what about if it is paid as gift voucher any section ref plz
Yes, you can pay as a gift voucher. Refer section 36(1)(ii) and there is no violation of section 43B as the amount has been paid to different person in a single day.
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