Deposit slips records

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Chandan Arora (Querist)
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12 October 2016 Do I need to keep the record of deposit slips for my accountant? 2) Are there any limits with regard to cash deposits and withdrawals? 3) is there anything I need to take care of while making cash purchase bcz I heard from my CA that I can't make cash purchase for more than 20000 in a day?? kindly help

Sandeep Dharar

Sandeep Dharar (Expert)
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02 November 2016 There is no need to maintain records for cash deposit slips, coz the amount will reflect in ur bank statement. For posting entry in accounting software, u may handover the slips to ur accounts department. Yes cash expenses above Rs. 20K to a single party in a single day is disallowed by the Income Tax Dept. There is no limits on cash withdrawals, but at the time of cash deposit u must have to show ur PAN in the deposit slip, if the amount of cash deposit above 50K.

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Chandan Arora

Chandan Arora (Querist)
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02 November 2016 thank you sir for your help

Sandeep Dharar

Sandeep Dharar (Expert)
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02 November 2016 U r welcome dear.

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