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Cash deposit

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 May 2012 If we deposit cash in bank 45000 per day for continue more than 9 days .. if there any tax implication on it?? cash on hand as on date shown in balance sheet is 450000. can bank ask for pan for depositing 45000 daily for 10 days?????
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 May 2012 PAN is to be furnished only if the DAILY deposit amount is Rs. 50,000 or more.

If you deposit a sum of Rs. 45,000 daily bank will NOT ask for PAN.

However, be ready to furnish an explanation to the department regarding the source of the cash.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 May 2012 thanks a lot
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 May 2012 You are welcome. You should use the thanks button to convey your thanks.
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