Deposit slips records

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Chandan Arora (Querist)

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)

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)

02 November 2016 thank you sir for your help

Sandeep Dharar

Sandeep Dharar (Expert)

02 November 2016 U r welcome dear.

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