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 ?
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Income tax on saved money in bank ?
Replies (5)
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.
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.
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