Income tax on saved money in bank ?

hello, i file my income tax correctly and im saving my profit from my companies in my own savings account. 

do i need to withdraw all the money before march 31 or all the money can stay in the bank account without any issues ?

Replies (5)
Quick Summary
This discussion clarifies the income tax implications of keeping company profits in a personal savings account. For private limited companies, especially those with partners, it's crucial to route profits correctly through partner capital accounts to avoid issues. If the business is a partnership firm rather than a Pvt Ltd, moving money to a savings account is generally fine, as confirmed by a CA. The core advice is that simply keeping money in a savings account doesn't incur income tax, but the source and structure of the funds are key.

Why to remove such sum??? There are no issues if you keep your money safe in saving account.

Ok thanks. 

And do you suggest investing this money in stock market or LUMPSUM mutual funds rather than staying it in the bank account ?

If by companies you meant private limited companies then there can be an issue if you are keeping profits in your savings bank account.
If your businesses are not private limited companies then there is no issue in keeping or withdrawing since it is your own money.

its Pvt Ltd, partners are me and my wife. 

As per our CA, moving from own current account to savings account is ok. 

If you are partners how can it be pvt ltd. It must be a partnership firm. If money routed through partners capital to savings bank then no problem.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details