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Transaction in SB A/C

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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

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.




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.?

03 January 2017 5+ lack is company Expenditures.

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




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.

03 January 2017 Thanks sir.




03 January 2017 You are most welcome.

04 January 2017 You should open a reimbursement account for such transactions. It is not advisable to use your savings account

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.




04 January 2017 Can you please give the figure of turnover of your Company?

04 January 2017 it is around 300 to 350cr, all over India

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.

04 January 2017 hi I am new to this company joined last 7 months back

04 January 2017 from that reimbursement amount in my SB account is 5+ lack

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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