Hello Gurus,
I have some queries, I am a salaried person and having per annum package of 10, If i depositing cash in my account, ( basically from my home town to my work city).
The cash deposit is little large, let's say around 10 lakh.
Is there any tax implication on these transactions or any other govt. related issue can arrise ??
thanks
ghanshyam
transfer it by cheque or u will invite lots of complications, viz cash transaction tax, PAN number metion etc. which will invite investigation for source of cash deposited.
no much completions... if you have it in white then just deposit in your account.. else you have to route it through other accounts..
i dont think any cash transaction tax.. is levied in india now... Pls share the info if any exists... and there is no need to submit PAN card also...yeah of-course there is some limit for maximum amount...
and yeah.. the money is white obviously :-)
thanks to Somani and Sharma for your replies...
regards,
CAclubindia
