Transaction in SB A/C
This query is : Resolved
03 January 2017
Hi team, pl give information how much txn can be made in our savings/Salary a/c in one financial year. pl help
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CA R SEETHARAMAN
(Expert)
03 January 2017
Business transactions can't be carried out in SB ac. Cash deposit above 10 lacs in a year will be reported to IT dept. Other than this no limit.
03 January 2017
What type of transaction? There is no such limit.
Amol S Joglekar
(Expert)
03 January 2017
you can do as much as you can subject to however the limits notified from time to time.
03 January 2017
hi thanks, @shetaraman & in the Sanjay Gupta sir,
mean to say that, in our office all petty cash are being credited to my SB a/c & in last 7 months total AMT credited to my A/C is more than 7 lacks, in that more than 5 lack is company experience so is there problem to me.?
Amol S Joglekar
(Expert)
03 January 2017
For all genuine transactions, there need NOT be any restriction.
03 January 2017
ya but in future wether I need to reply to IT Dept, for these txn
Amol S Joglekar
(Expert)
03 January 2017
If they are genuine transaction, you need NOT have the fear of explaining it to IT Department....(Or even for that matter, to anybody)
03 January 2017
ya sir thanks, and all the expenses are genuine and we have bills for those such as Lorry receipts, Water bill, telephone bill etc.
03 January 2017
You need to justify that these transactions are related to your company. That's it.
Amol S Joglekar
(Expert)
03 January 2017
You are most welcome.
CA.Vinita Gupta
(Expert)
04 January 2017
You should open a reimbursement account for such transactions. It is not advisable to use your savings account
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04 January 2017
ya,
but our company MD not agreeing for that i requested them to create one Curnt AC,as a employee I am really getting fear now not getting wt to do madam.
Amol S Joglekar
(Expert)
04 January 2017
Can you please give the figure of turnover of your Company?
Amol S Joglekar
(Expert)
04 January 2017
So?......what % to turnover are you reimbursing the amount?
One needs to keep one eye on "MATERIALITY" while other one is concentrating on "Law& Practice"
An appropriate balance should be struck between the two.
One needs to keep one eye on "MATERIALITY" while other one is concentrating on "Law& Practice"
An appropriate balance should be struck between the two.
04 January 2017
from that reimbursement amount in my SB account is 5+ lack
Amol S Joglekar
(Expert)
04 January 2017
That is why, I already told you, amount wise, it is ok, so long as you are able to explain each and every transaction in your SB account.
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