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Restriction of issue of Bearer Cheque, Corporate Laws / SEBI / LLP |
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Restriction of issue of Bearer Cheque |
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Pl.tell us whether an incorporated company can freequently issue bearer cheques to its clients and employees and workers?What are restrictions on issuing bearer cheques as per company law and other laws inforce in our country? Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
As per the Sec. 40A of Income Tax Act, 1961 "Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, no deduction shall be allowed in respect of such expenditure" [ In certain cases it is Rs. 25000/- to a person in a day]
Reply of Raja Rajan is correct.
please tell issue bearer cheques issued by compnies Page: 1 Old Query - New Comments are closed. |
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