advance tax

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RAJESH SHUKLA (Querist)
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01 February 2011 Dear to All,

i have deposited advance tax of Rs. 10000/- by cash on behalf of private limited company. the bank issued receipted portion of challan against the same.

No bank officials called me give back receipted postion of tax challan and take refund of cash Rs. 10000/- due to we are not accepting tax by cash on behalf of private limited comapny.

kindly let me know that bank is right or wrong.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 February 2011 The only solution is .... we should be alert in viewing our 26AS statements regularly....

RAJESH SHUKLA

RAJESH SHUKLA (Querist)
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01 February 2011 Dear Subhash ji,

kindly let me know that bank why returned the cash.

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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01 February 2011 It is mendatory for every company to deposit Advance Tax and TDS electronically.

I think Bank is right.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 February 2011 Of course.. there is a lapse on part of the bank as they have not intimated you regarding this.

But.. you know.. bank can not hold any body's money for that long. They might have issued a pay order in the name of your company & kept with themselves.

So when you go there with the challan slip, they will give to you the payorder after cancelling the challan receipt.

Of course.. its a fault on bank's part & you should write this to the Bank's OMBUDSMAN Cell.

That is why... I mentioned, that we should also be a little alert & careful in ensuring that our transactions are complete!

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 February 2011 The above was regarding the procedure followed.

But for facts.... Bank is correct as for a pvt ltd co. only e-payment is mandatory.

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CA Pradeep Kumar Rajput

CA Pradeep Kumar Rajput (Expert)
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01 February 2011 First of all you are wrong for making payment by cash to bank on behalf of a company as the company required to pay tax by e-payment .............

There are internal guideline in some banks for not accepting cash for income tax payment of companies

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RAJESH SHUKLA

RAJESH SHUKLA (Querist)
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01 February 2011 thanx to all.

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