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salary payments

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2010 I have observed top officers take salary in cash every month including arrears all more than 20000/- per day. They draw LTC advance of 60000 thousand in cash. Why private company not make salary payments in cash for more than 20000 per day. Kindly guide.
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Deepali

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Deepali (Expert)
19 January 2010 Not only Pvt. Co.s but all taxable units can not make payment exceeding Rs. 20,000/-in cash on a single day because it is dis-allowed (Chargeable to tax) under the provisions of the Income Tax Act, 1961.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
19 January 2010 If you are paying Salary in cash after considering the TDS as per Sec.194C - Sec.40(A)3 will not attract
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