hi friends,
can a CA pay stipend in cash to articles.
is it allowed in law.?
if yes how long it be paid in cash.
21 Replies
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 10 October 2009
IT SHOULD BE PAID THROUGH CHEQUE AS IT HELPS KEEPING PROOF REGARDING THAT THE ARTICLESHIP IS ATTENDED REGUARLY...!!!!!
ITS REALLY IMP. TO RECIEVE THE STIPEND THROUGH CHEQUE ONLY TO AVOID FUTURE PROBLEMS...!!
Rajeev
(www.rkmco.com)
(985 Points)
Replied 10 October 2009
It can be paid in cash but the CA has to make sure that the cash so received gets deposited in the bank . :)
Nikky
(Chartered Accountant)
(552 Points)
Replied 11 October 2009
RECEIVE STIPEND IN CHEQUE ONLY. ITS COMPULSORY. IF INSTITUTE DOUBTS ABOUT YOU THAT YOU ARE A DUMMY. THE DEPOSITED CHEQUES HELPS YOU AS A PROOF. AND ALSO IT WILL BE A VIOLATION OF LAW IF UR PRINCIPLE PAYS YOU STIPEND IN CASH, UR PRINCPLE WILL BE GUILTY OF MISCONDUCT.
Nikky
(Chartered Accountant)
(552 Points)
Replied 11 October 2009
WHAT RAJEEV IS SAYING IS NOT TRUE.
SORRY RAJEEV DONT TAKE ON HEART. BUT ITS THE FACT
CA Dipesh Bhupta
(Product Controller)
(64 Points)
Replied 11 October 2009
Stipend must be paid through A/c payee cheque only
Narayanan.R
(Chartered Accountant)
(191 Points)
Replied 11 October 2009
| Originally posted by :reena jain | ||
| " | hi friends, can a CA pay stipend in cash to articles. is it allowed in law.? if yes how long it be paid in cash. |
" |
It should be paid through cheque. Firms are answerable to Institute in regards to stipend paid to articles
CA Gaurav Jain
(Charterted Accountant)
(156 Points)
Replied 11 October 2009
Definitely, stipend of article should be paid by A/c payee cheque only......
other mode is not valid in any law......
Regards
Gaurav
CA.Shaleen Srivastava
(CA , CWA*, Bcom(H))
(2004 Points)
Replied 11 October 2009
stipend paid in a/c payee cheque is true but if a dummy article get cheque in lieu of cash then how institute find out the dummy article
CA. Megha Topiwala
(Job)
(1534 Points)
Replied 11 October 2009
Stipend should b paid through A/c payee cheque only..... cash paymet not allowed n will b held as professional misconduct...
varun sharma
( CA Final , M.Com)
(87 Points)
Replied 11 October 2009
hello reena.
there are only provisions are mentioned by icai regarding the payment of stipend in the ''students manual'' issued by icai.
1. The stipend is paid by ca though account payee cheque only.
2. Or the cash stipend will be deposited by ca in the bank account of article ''specially opened for that purpose'' only and reciept of this wil retain by ca as proof and for future course of action.
Deeps
(Article Assisstant)
(2485 Points)
Replied 11 October 2009
| Originally posted by :CA.Shaleen Srivastava | ||
| " | stipend paid in a/c payee cheque is true but if a dummy article get cheque in lieu of cash then how institute find out the dummy article | " |
yes, what is the solution for the above situation?
Karthik
(C A Student)
(219 Points)
Replied 12 October 2009
stipend can either be paid by an account payee cheque, or it can be directly deposited into the bank A/c
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