Wii propreitor withdrawing cash above 20,000 disallowed?
This query is : Resolved
04 June 2013
Hi I am an auditing a propreitor ship . There is a propreitor (name) a/c under capital a/c. There are cases where money's above 20000 being deposited to his bank a/c. Will it attract 269SS and 269T of Income Tax Act as he is a propreitor and need not repay ?
Kindly clarify
Kindly clarify
V SELVARAJ FCA
(Expert)
05 June 2013
Depositing cash or withdrawing cash by the proprietor from sole prop concern will not attract sec 40A(3), nor 269SS or T.
CA VISHNU GAVKARE
(Expert)
05 June 2013
269ss & T covers transactions between 2 diff persons. proprietor and his business is one and the same hence it is not applicable.
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