banner_ad

Wii propreitor withdrawing cash above 20,000 disallowed?

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

V SELVARAJ FCA

Profile Image

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.
Profile Image

CA VISHNU GAVKARE

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details