Clarifications relation to cash deposit in bank accounts
This query is : Resolved
13 November 2016
As per latest news in relation to currency change , i want to know Rs. 2.5 Lac is to be deposited in bank account in aggregate or installments. Person doing business and have cash credit and current account , then he should submit all money in one time or deposit some money and withdraw then deposit and with draw and so on and what is tax point in relation sole prop. Deposit in saving as well as current account because both account have one PAN
13 November 2016
The amount can be deposited in instalments. But for a PAN the limit should not exceed 2.50 lacs.
Message likes :
1 times
14 November 2016
There is no such guidelines. AIR Reporting by Bank may provoke IT dept to send inquiries in case certain other parameters in respect to your IT filings.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
