Sir
If a partner in the firm pays to labour from is savings account for the work done in the firm can that amount paid can be claimed as expenditure by the firm
2 Replies
MOHAMMED IMRAN
(1020 Points)
Replied 12 December 2018
yes, if it is paid upto rs 10,000 to a person in a day in cash or through electronic clearing system or through a/c payee cheque / a/c payee demand draft
Puja Sharma
(CA)
(433 Points)
Replied 12 December 2018
Yes that can be claimed as business expenditure. Since the amount will be paid through bank so monetary limit for payment.
The payment of the expenditure shall be routed through partners capital account.
Recent Topics
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
Related Threads
CAclubindia
