High value transaction in saving bank account

I am one of the director of a company, I have 3 saving bank account, iam getting 2lac as salary, but in my saving bank account some transactions ( some bill payments of below 10000 and ATM withdrawals) have done for company purpose. all aggregating around 5-8 lacs from 01-04-2016 - 31-10-2016. ( 5-8 lac amount deposited as multiples of small amount like 40000,10000, 25000 etc )   I am not a income tax payer but i do file return with zero income tax by showing total income below 2.5lacs, also am not keeping balance above 50000 in any of my saving account. should i face any issues from income tax department?

Replies (1)

Hi,

Please do not make company's transactions by using your personal sanving account and if it is required than please do the separate record for it so that in future you can convice the income tax officer in future.

You can also open the separate reimbursement account for that if required.

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