Easy Office

Wii propreitor withdrawing cash above 20,000 disallowed?

This query is : Resolved 
Profile Image

Profile Image

(Querist)
04 June 2013 Hi I am an auditing a propreitor ship . There is a propreitor (name) a/c under capital a/c. There are cases where money's above 20000 being deposited to his bank a/c. Will it attract 269SS and 269T of Income Tax Act as he is a propreitor and need not repay ?

Kindly clarify
Profile Image

V SELVARAJ FCA

Profile Image

V SELVARAJ FCA (Expert)
05 June 2013 Depositing cash or withdrawing cash by the proprietor from sole prop concern will not attract sec 40A(3), nor 269SS or T.
Profile Image

CA VISHNU GAVKARE

Profile Image

CA VISHNU GAVKARE (Expert)
05 June 2013 269ss & T covers transactions between 2 diff persons. proprietor and his business is one and the same hence it is not applicable.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


Easy Office

Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links