Dear All gud evening,
I m working with a pvt ltd compayny. I have witdrwal 10 lac on 10 march'13 and now i want to depostit same amount date 2 April 13..
Now let me know is there any problem to deposit same amount after 20 days.
and second thing is any limit for cash in hand on 31st march?
Thanks to all
THERE WILL BE NO PROBLEM.
Thanks for reply.
is any limit for cash in hand in the end of financial year..
i have to show arounding 11 lac at the 31st march coz i will deposit 10 lac in bank.
THERE IS NO ANY LIMIT FOR CASH IN HAND.
There is no problem to deposit huge cash amt in Bank
however you have mentioned your company's pan over deposit & further more AO can also ask source this transaction.
U have genuinly done the transaction in the past and want to do it genuinly in the future , so what is the problem in this???
Same amount can't be there!!!
Did u have any reason for withdrawal???
Always try to do it in different amounts
For example : If 10,00,000 has been deposited
Prefer to withdraw it in instalments
may be 500000+300000+200000 or anything else !!!!!!
During Income Tax Scrutiny Assessment the AO may ask to explain why you withdrew the amount? In that case; you must have "proper explanations" to present your case.
You are about to land in big trouble unless you have sounf explaination.One can withdraw/deposit cash any amount froom current a/c for ligimate reason.
| Originally posted by : Nisha Yadav | ||
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But we withdrawn that amount before 20 days.. Now want to deposit same amount.. Is any problem with this transaction? |
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Please Remember this contra transaction contains two Financial Years.
And as experience, Bank will informed this transaction to RBI & Revenue Department, by upadting in NSDL server. Therefore you should have sufficient documentary evidence to support this transaction while responding to Assessing Officer
WHY ARE SO SECRETIVE? WHY DID YOU WITHDRAW SO MUCH CASH IN FIRST PLACE?
CAclubindia
