cash deposit in saving acc (account is being used for trading)

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Anuj verma (Querist)

24 November 2016 R/All, I am using my saving acc for payment to vendor (Patanjali Gramodhyog Nyas) as I am dealing in sale of Animal feeding (Sales Tax free time). I received amount in cash and cheque from buyers and use to deposit in my acc. let me know whether I will face problem due to denotification going on. how much amount I can deposit to my acc as some of my buyers are paying in old currency and I have to accept as I have delivered material to them. please suggest

Advocate

Advocate (Expert)

24 November 2016 don't use saving account for business use. it's totally illegal. use only current account .

Advocate

Advocate (Expert)

24 November 2016 don't received old 500 & 1000 notes in payment. you will have to justify and noted in your income tax return. you are exempted from sales tax and not from income tax. Advocate Prashant, Aligarh 9760290825

Sandeep Dharar

Sandeep Dharar (Expert)

25 November 2016 No need to worry regarding that. U can show ur invoices of sale regarding the transaction. If u are paying ur other direct taxes(income tax) normally, then no need to worry for that. I'll say try not to accept the old currency, coz by that u r opposing the government policy of banning the currency.

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