• 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 11 months ago in Income Tax from New Delhi, Delhi

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.

B Vijaya Kumar
CA, Hyderabad
865 Answers
61 Consultations

5.0 on 5.0

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.

Lakshita Bhandari
CA, Mumbai
2254 Answers
81 Consultations

5.0 on 5.0

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

Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

This query is specifically addressed to another expert.

B Vijaya Kumar
CA, Hyderabad
865 Answers
61 Consultations

5.0 on 5.0

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

Abhishek Dugar
CA, Mumbai
3576 Answers
162 Consultations

5.0 on 5.0

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

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
23 Consultations

5.0 on 5.0

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.

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
23 Consultations

5.0 on 5.0

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.

Lakshita Bhandari
CA, Mumbai
2254 Answers
81 Consultations

5.0 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA