aggregate salary paid in cash is 62500 pm... if this amount has been paid to 5 people, (which doesnot exceed Rs 20000 each),will this amount be disallowed?
also if purchases in a single day are made in cash for Rs 60000 including vat, will it be disallowed??
if the salary paid to each employee in cash is less than 20000 pm then not disallowed but adequate voucher records must be maintained and signed by employee on revenue stamp of such voucher. otherwise paid by cheque.
Hai,
Please donot make single entry.
make individual entry.
other wise, better pay by cheque.
Thank you
CAclubindia
