Please Help: Internal Audit
Posted Date : 03-Feb-2012 , 11:02:24 am | Posted By: Pankaj Dhingra
Category :
Audit | Answers :
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Comments :
4| Hits: 341
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CASHPAYMENT 35139.00
(Traveling Expenses 30583.00 and Hotel Boarding & Lodging 4556.00)
BEING AMT PAID TO MR. A FOR TAXI HIREING CHARGES & FOODING CHARGES INCURRED NY HIM DURING TOUR FOR THE PERIOD OF 12.10 TO 22)
Is this Entry can be passed??
as i know single transaction per day limit is rs 20000 |
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Answers:
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Answer by: Ketan Samdani |
If the payment is made to one person then the expense will be disallowed being the payment exceeding Rs. 20000.
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Comments |
Posted By : Mrattunjay |
19-Feb-2012, 11:21:03 |
yes, more than one transaction can be per day for taking benefit |
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Posted By : CA Gaurav Kumar Agarwal |
13-Feb-2012, 06:22:07 |
yES u can pass this entry. SUBJECT TO CONDITION AS BELOW
as per IT Act, single payment does not exeed 20000/-
if u read the act carefully then u will find the meaning of single payment is 1 bill
i.e. suppose u have 2 bill of rs 15000/- each & u paid rs. 30000/- cash then it is allowed
but if 1 bill is of 15000/- and other is of say 21000/- & u paid 36000/- cash then it will be disallowed.
refer this example in direct tax readdy reckoner by V.K. Singhania
Thanks |
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Posted By : PANKAJ BANSAL |
07-Feb-2012, 03:07:40 |
is it reimbursment of expenses. |
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Posted By : Pankaj Dhingra |
03-Feb-2012, 11:04:27 |
*For the Period 12.10 to 22.10 |
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