Hello Team,
As I want to know the information whether I am going correct or wrong, I am working with a start-up company. I am trying to set up everything but when it comes to the salary process, I created a company bank account. However, my directors want to process "Employees November's month salary on a cash-in-hand basis" only for this month. For those who are in a below 10k package, I can process them, but what about higher package employees? I shouldn't go with a cash-in-hand process. What options should I prefer? Please suggest me. The headcount of staff is 15, including directors.
From India, Secunderabad
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As I want to know the information whether I am going correct or wrong, I am working with a start-up company. I am trying to set up everything but when it comes to the salary process, I created a company bank account. However, my directors want to process "Employees November's month salary on a cash-in-hand basis" only for this month. For those who are in a below 10k package, I can process them, but what about higher package employees? I shouldn't go with a cash-in-hand process. What options should I prefer? Please suggest me. The headcount of staff is 15, including directors.
From India, Secunderabad
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As per the Income Tax Act, if you are carrying on a business or profession, the law has prescribed a daily limit of Rs 10,000 beyond which payments in cash cannot be made for any expenditure to a single person. If you fail to do so, the expenses paid in cash will not be eligible for tax deduction. Therefore, the above guidelines will come into play when making larger payments.
From India, Mumbai
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1655From India, Mumbai
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