Emd deposite
This query is : Resolved
09 November 2013
Can EMD Deposite for tender be deposited in cash Rs.100000
09 November 2013
No ; if tender is bonafide, always safe to give via DD.
Message likes :
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09 November 2013
Thank You ....IF it's already given in cash then wht are the consequences
09 November 2013
Thank You ....IF it's already given in cash then wht are the consequences
09 November 2013
Go to the temple... No Option.. Hope that person, to whome money is given is nice...
:)
:)
09 November 2013
As per provisions of section 40A(3), payments above 20000 (35000 for transportation) will be disallowed if made by mode otherwise than A/c payee cheque or draft...
However, as you said the payment has already been made, better write in narration that payment was made through DD... The Tax auditor will not disallow the expense and will simply make a qualification....
However, if in case it comes to scrutiny assessment the AO may ask for evidence and take confirmation from the department to whom EMD is paid...
However, as you said the payment has already been made, better write in narration that payment was made through DD... The Tax auditor will not disallow the expense and will simply make a qualification....
However, if in case it comes to scrutiny assessment the AO may ask for evidence and take confirmation from the department to whom EMD is paid...
09 November 2013
Mr. Sriram, her query was not related to income tax. Don't you know the scrutiny is done on the basis of internal rule and her case is far away from that..
09 November 2013
As in above case, the payment is done via cash, so I will advised you Smruti that send an email stating that you have made payment for that purpose to xyz person. This will be you kind of self receipt if something wrong happens..
09 November 2013
Sir as per my understanding that was to be related from Income Tax... there might be some other reason for her query...
09 November 2013
actually it,s a type of current asset, because that deposit is refundable on completion of project. so no ques of disallowances.
09 November 2013
Perfectly said smruti..Well done..
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