Advance paid in Cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 October 2010
Advance Paid in Cash, Two situations:
1.) Advance paid in cash more than 20000 in one time and later adjusted to the final bill of 36000. What treatment under section 40(A)3
2.) Advance paid in cash more than 20000 in one time to a vendor. Later vendor pays back the advance completely and give the total bill of 36000 which is settled by cheque. Whether 40(A)3 applicable. If yes, what is the implication. If no, what is the treatment otherwise.
1.) Advance paid in cash more than 20000 in one time and later adjusted to the final bill of 36000. What treatment under section 40(A)3
2.) Advance paid in cash more than 20000 in one time to a vendor. Later vendor pays back the advance completely and give the total bill of 36000 which is settled by cheque. Whether 40(A)3 applicable. If yes, what is the implication. If no, what is the treatment otherwise.
30 October 2010
Situation one;
Cash paid in excess of Rs. 20000.00 will be disallowed.
Situation two:
Even this situation the said amount will be disallowed as the payment is in excess of Rs. 20000.00 though it is later received and the whole amount is settled by cheque.
Cash paid in excess of Rs. 20000.00 will be disallowed.
Situation two:
Even this situation the said amount will be disallowed as the payment is in excess of Rs. 20000.00 though it is later received and the whole amount is settled by cheque.
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 October 2010
Say if the advance of 25000 is given to any employee in cash and he returns back in a week time. then what should be the treatment.
30 October 2010
No expenses booked so no disallowance can be made.
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