269st
So taking 1 lakh out of business for personal use in cash would amount to violation of sec269st where above 2 lakhs we cant tak cash on an event.. so here i am taking 12 lakhs in a year cash.. so would i lialble for penalty here same as in cash of partnership firm sec 269st applicBle on profit withdrawl in cash
In partnership firm Cash withdrawal allowed less than 2 lacs.
Prop no limit it's self withdrawal.
And also do i have to mandatory deposit the 30 lakhs in firm current bank accnt then .. again have to withdraw from bank for personal use..? Is it mandatory to do this process or just we can simply take out cash from business sale above 2 lkhs yearly
In case of proprietor 269st not applicable. You can do as proposed. You can spend for personal from business cash.
Monthly salary payment is an event need not be clubbed for a year.
So how much advance we can accept in cash for rental services or in case of goods also
So then on that trip Incometax is also payable..? Bcz he give me that trip as a gift to me
https://www.google.com/amp/s/taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html%3famp
Click here to login now
Similar Resolved Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Journal entry of busniess expenses
- GST Rate for Catering Services
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- FCRA 6 E- Intimation
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
