Sec 40a(3)(a)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2015
Is this transaction allowable as per IT act?
Amount in excess of Rs 20000 in cash in a day withdrawn from petty cash by the partner of a firm as reimbursement of his expenses. Please resolve.
Amount in excess of Rs 20000 in cash in a day withdrawn from petty cash by the partner of a firm as reimbursement of his expenses. Please resolve.
23 May 2015
Yes. For partner there is no limit even its from main cash.
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23 May 2015
This is allowable provided he has not paid any amount in excess of Rs 20000 in cash in a day to a single person.
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