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 ?
Sahil Das (business) (25 Points)
15 February 2021hello, 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 ?
CA Rashmi Gandhi
(Chartered Accountant)
(86220 Points)
Replied 15 February 2021
Sahil Das
(business)
(25 Points)
Replied 15 February 2021
Ok thanks.
And do you suggest investing this money in stock market or LUMPSUM mutual funds rather than staying it in the bank account ?
CA Altamush Zafar
(GST Consultant)
(15907 Points)
Replied 15 February 2021
Sahil Das
(business)
(25 Points)
Replied 15 February 2021
its Pvt Ltd, partners are me and my wife.
As per our CA, moving from own current account to savings account is ok.
CA Altamush Zafar
(GST Consultant)
(15907 Points)
Replied 15 February 2021
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.
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