Please Help: Internal Audit
Posted Date : 03-Feb-2012 , 11:02:24 am | Posted By pankaj dhingra
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
(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
Category : Audit | Answers : 1 | Comments : 4 | Hits : 355
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
pankaj dhingra
03-Feb-2012 , 11:04:27 am*For the Period 12.10 to 22.10
PANKAJ BANSAL
07-Feb-2012 , 03:07:40 pmis it reimbursment of expenses.
CA Gaurav Kumar Agarwal
13-Feb-2012 , 06:22:07 pmyES 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
Mrattunjay
19-Feb-2012 , 11:21:03 amyes, more than one transaction can be per day for taking benefit