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cash stipend is legal

reena jain (CA ) (247 Points)

10 October 2009  

hi friends,

can a CA pay stipend in cash to articles.

is it allowed in law.?

if yes how long it be paid in cash.


 20 Replies

Ashish M (Chartered Accountant) (2726 Points)
Replied 10 October 2009

IT SHOULD BE PAID THROUGH CHEQUE AS IT HELPS KEEPING PROOF REGARDING THAT THE ARTICLESHIP IS ATTENDED REGUARLY...!!!!!

 

ITS REALLY IMP. TO RECIEVE THE STIPEND THROUGH CHEQUE ONLY TO AVOID FUTURE PROBLEMS...!!

Rajeev (www.rkmco.com) (985 Points)
Replied 10 October 2009

It can be paid in cash  but the CA has to make sure that the cash so received gets deposited in the bank . :)


(Guest)

it should be paid by a/c payee cheque only


Nikky (Chartered Accountant) (552 Points)
Replied 11 October 2009

RECEIVE STIPEND IN CHEQUE ONLY. ITS COMPULSORY. IF INSTITUTE DOUBTS ABOUT YOU THAT YOU ARE A DUMMY. THE DEPOSITED CHEQUES HELPS YOU AS A PROOF. AND ALSO IT WILL BE A VIOLATION OF LAW IF UR PRINCIPLE PAYS YOU STIPEND IN CASH, UR PRINCPLE WILL BE GUILTY OF MISCONDUCT.

Nikky (Chartered Accountant) (552 Points)
Replied 11 October 2009

WHAT RAJEEV IS SAYING IS NOT TRUE.

 

SORRY RAJEEV DONT TAKE ON HEART. BUT ITS THE FACT

CA Dipesh Bhupta (Product Controller) (64 Points)
Replied 11 October 2009

Stipend must be paid through A/c payee cheque only

Narayanan.R (Chartered Accountant) (191 Points)
Replied 11 October 2009

Originally posted by :reena jain
" hi friends,
can a CA pay stipend in cash to articles.
is it allowed in law.?
if yes how long it be paid in cash.
"

It should be paid through cheque. Firms are answerable to Institute in regards to stipend paid to articles

CA Gaurav Jain (Charterted Accountant) (156 Points)
Replied 11 October 2009

 Definitely, stipend of article should be paid by A/c payee cheque only......

other mode is not valid in any law......

Regards

Gaurav

 

 

 

 

CA.Shaleen Srivastava (CA , CWA*, Bcom(H)) (1999 Points)
Replied 11 October 2009

 stipend paid in a/c payee cheque is true but if a dummy article get cheque in lieu of cash then how institute find out the dummy article 

CA. Megha Topiwala (Job) (1534 Points)
Replied 11 October 2009

Stipend should b paid through A/c payee cheque only..... cash paymet not allowed n will b held as professional misconduct...

varun sharma ( CA Final , M.Com) (87 Points)
Replied 11 October 2009

hello reena.

there are only provisions are mentioned by icai regarding the payment of stipend in the ''students manual'' issued by icai.

1. The stipend is paid by ca though account payee cheque only.

2. Or the cash stipend will be deposited by ca in the bank account of article ''specially opened for that purpose'' only and reciept of this wil retain by ca as proof and for future course of action.

Deeps (Article Assisstant) (2485 Points)
Replied 11 October 2009

Originally posted by :CA.Shaleen Srivastava
"  stipend paid in a/c payee cheque is true but if a dummy article get cheque in lieu of cash then how institute find out the dummy article  "

yes, what is the solution for the above situation?

Punit Tibrewal (student ) (1684 Points)
Replied 11 October 2009

only a/c payee cheque for sure

Karthik (C A Student) (219 Points)
Replied 12 October 2009

stipend can either be paid by an account payee cheque, or it can be directly deposited into the bank A/c


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