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Bank deposits and withdrawals

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(Querist)
25 October 2011 Is there any limit on deposits and withdrawals from bank account as per income tax act? Do every transaction in your pass book needs to be disclosed to IT dept?
If you transfer any amount to your family from your a/c will it be considered as loan/gift/payment?



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U S Sharma

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U S Sharma (Expert)
25 October 2011 every transaction needs a narration otherwise it would be treated as drawings for personal expenses.
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ANKIT MUNOT

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ANKIT MUNOT (Querist)
04 November 2011 Thank you sir.... what about amount transferred to family members bank account? what will it be considered as? can we take it as personal expense?
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