Can Cash payments exceeding Rs.20,000 be made to employees as advance??
Menu
Querry
Replies (2)
40A(3) of Income Tax Act says any payment made in excess of 20000/= to any person .so you cannot make advance to an employee for Rs20000/= in cash on a single day
I think payment as advance can be given in cash for more than 20000 as you are not claiming it as your expenditure
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
