for Employee-
if any employee gets salary 30000 Rs. in cash. and he files ITR.
than, is there any problem for employee ???
for Employers-
Employer pays salary 3 time in a month. 10000 Rs. per transaction in cash.
what are the consequences for both Employee and Employers????
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Got salary in cash
Replies (7)
Quick Summary
Total salary exceed 250000 pa ah
Yes. and taxable liability will be above 500000 Rs.
As per sec 40(A) 3
payment exceed per day per person 10000 disallowed
so first case disallowed
second case allowed
payment exceed per day per person 10000 disallowed
so first case disallowed
second case allowed
Both case not disallowed as paid salary.
Thank you for your valuable advice.
As employee salary is 360000/- more than basic exemption limit there is Return liablity arises although tax liablity will be nil as rebate under sec 87A is upto12500/- .
and in Hand of employer also there is no disallowance.
and in Hand of employer also there is no disallowance.
This is an additional query regarding cash payments to Employees ...
During the Complete Lockdown period in the month of April'2020 we paid different amount to our employees in cash selectively/ to meet-out their urgent daily needs/requirement;this was done voluntarily and our employees were graeful about it.
Now,when the work has started,we have put this amount as Labour welfare Expenses/Ex-Gratia payments in our book of accounts.No amount has been deducted or adjusted for or against the working days Salary in the next month payments.The salary paid for the month of April has been as NIL as non-working Period.
Our Query is whether there any liability occurs on our establishment towards ESI/PF obligations.
THANKS......
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