Can I Deposit 25 Lac Cash in business Current Account?
I have Garment business. Total Turn over 7 crore.
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Cash Deposited at Bank
Replies (8)
1. Yes, you can deposit provided you have valid documentary evidence for such a cash deposit.
2. Income tax could ask for the source of such cash receipt.
Please correct me if the above solution has an alternative view.
Business is situated in West Bengal
1. Yes, you can deposit provided you have valid documentary evidence for such a cash deposit.
2. Income tax could ask for the source of such a cash receipt.
Please correct me if the above solution has an alternative view.
You can deposit but keep ready the source of cash money and supporting documents.
The only difficulty which may arise is in case bank refuses to accept cash deposit of 25 lakhs . Then it's for you to convince bank
The only difficulty which may arise is in case bank refuses to accept cash deposit of 25 lakhs . Then it's for you to convince bank
Though Sec 269 ST is applicable .
But u may hv to justify to the AO for such huge cash deposit which u received from your client.
But u may hv to justify to the AO for such huge cash deposit which u received from your client.
1. Sec 269ST is applicable only in case of receipt of cash exceeding Rs. 2 lakhs in a day from a single person relating to a single transaction.
2. In this case, he is only depositing the cash into the bank. This will not be covered u/s 269ST as I have mentioned earlier only the source of income needed to be explained to the bank and IT (If demanded)
Please correct me if the above solution has an alternative view.
Sabyasachi sec 269ST ??? received from client. ??? Amazing ??
Kapadia you incorrigible.
clear your concepts.
NOW LISTEN SEC 269 ST IS APPLICABLE IN THE FOLLOWING CASES.
CASH DEPOSIT IN BANK.
NOWADYS THE CEO OF THE COMPANY INTIMATES THE BANK AND DEPOSITS ACCORDINGLY.
KAPADIA CONFUSION READ SEC 269 ST AND RELATED PROVISIONS.
clear your concepts.
NOW LISTEN SEC 269 ST IS APPLICABLE IN THE FOLLOWING CASES.
CASH DEPOSIT IN BANK.
NOWADYS THE CEO OF THE COMPANY INTIMATES THE BANK AND DEPOSITS ACCORDINGLY.
KAPADIA CONFUSION READ SEC 269 ST AND RELATED PROVISIONS.
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