employee salary
Jamal Uddin Siddiqui (350 Points)
13 December 2018
Can I show Rs 20000.00 in cash (one time) on account of salary of our one employee in books or not ?
3 Replies
Sarath Rajendran
(Nil)
(2791 Points)
Replied 13 December 2018
Section 40A(3)(a) of the Income-tax Act, 1961 provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn on a bank or by an account payee bank draft, shall not be allowed as a deduction.
Srinivas Kotnala
(Accounts Manager)
(95 Points)
Replied 13 December 2018
Dear All,
The Rule has been Modified for the Current year. (Now its Rs. 10000)
Payment in excess of Rs 20000 (wef A.Y. 2018-19 Rs 10000/-) in a day in respect of any expenditure incurred in the current year or in the previous years otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account will be disallowed while calculating profits of an assessee.
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