This was your previous question too which was answered by me and your follow up queries were also replied.
You may follow the answers to your previous query on the same issue.
What to fill up in voucher for expense
Please let me know what to fill up in the expense voucher link ( http://www.neelgagan.com/copy-of-voucher-file-big ) to keep as paper proofs for cost of improvement of rented or self-occupied house to use to inflate the cost of purchase in a situation of sale of such house in future and reducing the capital gains on it . You can take the example of Rs.7,000 paid by me (owner of house) to the mason or labourer for some construction work in this house : (a) What to write in top column of FIRM'S NAME ? (b) What to write in DEBIT COLUMN LINES & which amount ? (c) What to write in CREDIT COLUMN LINES & which amount ? (d) What to write and whose name in APPROVED BY , SIGNATURE & RECEIVER'S SIGNATURE ?
Asked 6 years ago in Income Tax
Hi
In such cases where you are getting the work done without any contractor and dealing directly with small workers where lots of small small payments have to be made, you should maintain a labourer register for the same. The register should have columns specifying:
1. S.no.
2. Date
3. Name of worker
4. Type of work done
5. Amount paid
6. Signature of receiver
This register would be enough to prove the genuineness of the expenses and individual vouchers would not be required.
I am just waiting for a straight answer on my specific asked points of filling up a voucher sample attached . In market , I am getting only this voucher pad of neelgagan and I am confused whose name to write in which column if I need to keep paper proof of any one or two expense of this kind in a year as a landlord or owner of a house ? Waiting for a straignt and full answer on specific points or columns of attached voucher ?
Asked 6 years ago
Hello,
1. Name of the person/ company to whom payment is made.
2. The nature of expense like carpentry/ mason work, plumbing etc.
3. Cash/ Bank - If payment is made in Cash then cash or if its bank then bank.
4. The person who receives the amount will sign at the place of receiver, the person making the payment will sign at approved by. Make sure you affix a revenue stamp for cash payment more than Rs.5000/- .
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Thanks Mr. Rohit Sharma for your answer with to-the-point clarity . Can you please also clarify to end the follow-up : (a) Is there no place in attached voucher link to write my house property address or the property address is not really required to mention in paper proof even when I am spending on the improvement of this house ? (b) Is revenue stamp of Re.1 required to be pasted on voucher only if payment is made in cash for more than Rs.5,000 or is it also needed if more than Rs.5,000 payment is made through cheque or NEFT or Paytm to such labourer or mason ? (c) Why are there separate TOTAL Columns on the voucher for Debit & Credit Column Lines when there is same one expenditure to pay to one person i.e., mason or labourer ?
Asked 6 years ago
This query is specifically addressed to another expert.
Since your first question is answered satisfactory, I am jumping on to the second question:
1. You can write property address in the place where you write nature of work (I.e. xyz work for abc property situated at)
2. Revenue stamp is only required in case of cash payment more than 5k.
3. It's standard accounting format.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
1. Firm Name will be your name and property address
2. Debit column will be the name of the receiver / entity name and nature of expense
3. Credit column will be blank, unless you are receiving any amount from the same party. In that case, the amount to be reduced will be mentioned in the credit column and the net amount will be paid to the party.
4. You can sign at the signature column. Approved by has to be signed in case the expense is of a company and some manager is approving it. The party receiving the amount will sign in place of the Receiver's Signature.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
To answer your follow up questions:
1. The address can be mentioned under the Firm Name. It is not mandatory to state the address specifically. It is only for clarity and for easy identification.
2. Revenue stamp of Re 1 only in case of cash payments above Rs. 5000 and not in case of NEFT / cheque payments. Payments by Paytm will also require revenue stamp since there is no KYC usually in PayTM.
3. The total columns in debit and credit are link sub-totals and you will pay only the net amount to the party.
Hi
In that case, http://www.neelgagan.com/copy-of-voucher-book-big-18 as posted by you in earlier query would be apt.
Pay to- the name of the worker
Rupees- amount
Being- nature of work done
Debit/credit- the relevant expense account in your books
Approved by- your name
Receiver's sign- Worker's sign
Revenue stamp would be required when cash paid exceeds Rs. 5000. It is not required when paid through cheque.
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