Cash deposits in firm account

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Guddi (Querist)
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24 September 2020 hello everyone

can cash deposited by partners in current account of partnership firm account be attributed as capital of partners. Total deposit on a single day is around Rs. 14 lacs. Likewise there are few more instances of cash deposits more than 2 lacs on single day by partners. Will this go for qualification in tax audit report?

kindly clarify

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 September 2020 Yes, this go for qualifications in tax audit report.
It is self explanatory i.e., wherever Section 269ST is applicable, a partner of the firm can take only up to “less than Rs. 2 lakhs” from the firm in cash etc. modes in a single day. The similar situation will be applicable on receipt by firm from its partner.

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Guddi

Guddi (Querist)
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26 September 2020 Thank you so much sir for the reply

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