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Please Help: Internal Audit

Posted Date : 03-Feb-2012 , 11:02:24 am | Posted By: Pankaj Dhingra

Category : Audit | Answers : 1| Comments : 4| Hits: 341

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

Answers:
   Answer by: Ketan Samdani
If the payment is made to one person then the expense will be disallowed being the payment exceeding Rs. 20000.
Comments
Posted By : Mrattunjay 19-Feb-2012, 11:21:03
yes, more than one transaction can be per day for taking benefit
 
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
 
Posted By : PANKAJ BANSAL 07-Feb-2012, 03:07:40
is it reimbursment of expenses.
 
Posted By : Pankaj Dhingra 03-Feb-2012, 11:04:27
*For the Period 12.10 to 22.10
 

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