can anyone please explain me in detail the difference between advance , advances against salary and imprest?also , please clarify whether TDS is to be deducted for the same at the time of giving to the employee?
1 Replies
Arjun Gupta
(Chartered Accountant)
(177 Points)
Replied 02 January 2018
Advances are meant to be returned or adjusted from further payments. On the other hand, Imprest are the sum given by the company to the employee for the purpose of incurring expenditure/ purchases on behalf of company.
Moreover, TDS is required to be deducted on Advance Salary and liability to deduct tax at source shall arise at the time of actual payment of advances and not at the time of accrual.
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
