Dear All,
Can any one suggest me on which type of cash payment does not required bills and done with cash voucher with authorised signatory.
3 Replies
Zoheb
(Accountant Manager)
(158 Points)
Replied 21 June 2016
If the amount is small and reasonable enough to understand its genuineouness then its okay but as far as accurate and appropriate accounting is concern kindly ask for the bills if amount is large because there is possibility that it may attract TDS or others.
Louza
(CA Final )
(244 Points)
Replied 21 June 2016
Hi Soumya,
It depends on the materiality of the nature of expenses.But its always best to have a log of all cash bills to the extent possible.I hope this resolves your issue.
Regards
Sohan Singh Rawat
(Practice)
(50 Points)
Replied 21 June 2016
In my view, bill is required (practically possible) for every penny spent irrespective of mode I.e. cash or bank.
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