24 January 2013
One of the company employee has incurred Consultancy fees and paid cash of more than Rs.20000 without bill & deducting TDS the company has reimbursed the same to employee. Now the question is whether as per IT act will it be disallowed on account of cash payment for expense more than Rs.20000.
24 January 2013
yes as it was for one payment and moreover without bill. how you will prove it was expense. it was only cash transaction, which can't be recognised.
CAclubindia
