ESCROW ACCOUNT
This query is : Resolved
22 September 2008
Dear all,
Myself is a newly qualified chartered accountant in practice, presently i have opened a Escrow account in my firm name for making epayment of taxes of my clients, my quarries are:
1.whether Receipts to Escrow account by cash, any implication in this regard...??
2.What are the rules & regulations operate the escrow account.
Thanks in Advance.
CA.Siddarameshwara Gowda.
Myself is a newly qualified chartered accountant in practice, presently i have opened a Escrow account in my firm name for making epayment of taxes of my clients, my quarries are:
1.whether Receipts to Escrow account by cash, any implication in this regard...??
2.What are the rules & regulations operate the escrow account.
Thanks in Advance.
CA.Siddarameshwara Gowda.
S.Srinivasaraghavan
(Expert)
22 September 2008
Without there being an agreement the banker would not have permitted you. The rules are specified in escrow agreement.
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