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cash transactions with the bank
WHAT if I DEPOSIT RS.1000000 /RS.500000 IN MY SAVING OR CURRENT A/C? THEN WITHDRAWS TO PAY MY DUES BY CHEQUE.....IS IT A PUNISHABLE OFFENCE? WHAT IS THE RIGHT WAY TO DEAL?
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If you deposit 10 lakhs in any of your savings account, IT department gets its information from bank, and a query is raised by way of AIR...... for the explaination of the source of such cash.
There is no restriction on the way you spend....... by way of cheque/online.
SIR THEN WHAT IS THE CORRECT WAY TO DEPOSIT THOSE IN MY BANK A/C?
First of all the cash should be accountable (from known source/s)
The same can be deposited in sav account/s (but better to mind that limit) ......... file ITR for the year......... and pay liable tax........ No problem.........
thank you sir
Most Welcome....... Dear
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