Q1--Will there be any tax related issue if I transfer 50 Lakh Rs from my SBI Account to Canara Bank account through cheque?
Q1--Will there be any tax related issue if I transfer 50 Lakh Rs from my SBI Account to Canara Bank account through cheque?
Follow new banking rules for High Value Cheque other wise your chaeue may get bounced.
See as under:
"The Reserve Bank of India (RBI) has decided to implement ‘Positive Pay’ system to enhance the safety of cheque-based transactions. This new rule will come into effect from toda, 1 January 2021. Under the 'Positive pay system' for cheque re-confirmation of key details may be needed for payments beyond ₹50,000. The announcement of the same was made by RBI Governor Shaktikanta Das on 6 August 2020".
If it is white amount there will be no worry.
Aggarwal Sarawagi and Co
New Delhi
CA
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