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?
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 19 August 2021
CA. Abhilash Krishnan P
(Chartered Accountant)
(529 Points)
Replied 19 August 2021
Beriwal
(nnnn)
(250 Points)
Replied 19 August 2021
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".
Sivaramaraju G
(Learner)
(2398 Points)
Replied 19 August 2021
If it is white amount there will be no worry.
Nilesh
(Account Executive)
(83 Points)
Replied 06 June 2022
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
