A company pays to Rs. 20,000 in cash in aggregate to its employee as salary advance. will it be a violation of sec. 269 SS? can anyone pls help me?
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SEC. 269SS
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| Originally posted by :Gomathisathesh | ||
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| Originally posted by :Gomathisathesh | ||
| " | A company pays to Rs. 20,000 in cash in aggregate to its employee as salary advance. will it be a violation of sec. 269 SS? can anyone pls help me? | " |
Sec 269 ss applies to acceptance of loan in your case co. is paying advance to employee and not accepting it.
If you give salary as advance, remember you have to deduct TDS as the advance salary is taxable. Fortunately amount is 20000. If it would have been 20001, your expense would be disallowed but it does not attract 269SS.
Likewise, it does not attract 269SS for employee also. But he has to offer the amount for taxation and you have to issue him TDS certificate for the salary given in advance.
ya TDS provisions will be applicable
in maximum bal do we include the intt n salary n tds amount.....???
No, salary will not attaract 269ss.it is only for loans and advances taken or accepting
269SS is not applicable in yr case . TDS has to be deducted according to salary TDS provisions (192) .
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