Ashim kr Ray (social service) (1685 Points)
23 February 2017Sir, I want to know if a Businessmen whose capital is Rs 15lak and Rs 50000 as capital in hand,for the FY 2015-16, then how much amount can be deposit in current Account. Is there any rules or guidelines regarding deposit of money in current account.
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 23 February 2017
Ashim kr Ray
(social service)
(1685 Points)
Replied 24 February 2017
Sir,
If no such rule then why Income Tax notice served to those whose has deposited more than 12Lak in current Account , in month of november and december 2016.As Some section of business increase due the time of demonitisation,where businessman accepted old notes on sales of good ,an same deposit in bank.
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 24 February 2017
manoj
(student)
(5205 Points)
Replied 24 February 2017
No such rule for bank deposit
only they got notice due to mismatch with ITR
Ashim kr Ray
(social service)
(1685 Points)
Replied 25 February 2017
Sir,
suppose a busniessman has Closing stock Rs 400000, capital is Rs 15lack and cash in hand is Rs 50000 for the Fy 2015-2016.Can he make sales of Rs 32lack for FY 2016-2017. IF yes then how.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
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