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Clarifications relation to cash deposit in bank accounts

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This query is : Resolved

masoom shamsi (Querist)

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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

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

ANKIT AGARWAL

ANKIT AGARWAL (Expert)

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.

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