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Is any limit for cash in hand on 31march

Sachin Rajput (account exe) (593 Points)

29 March 2013

Dear all,

There is any limit for cash in hand on blancesheet dated on 31st march for pvt ltd company.

2nd thing we withdrwal 6 lac cash dated on 13 march and we didtn use that amount, now i want to deposit same amount in our bank dated on30 march. is any problem in that case?

Please help me..

Thanks

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4 Replies

Ganeshbabu K (Audit and Tax Advisory) (48564 Points)
Replied 29 March 2013

there is no problem with withdraw and deposit of cash provided the same has bee done with proper approvals and company cash is not misused in that mean time..

Sachin Rajput (account exe) (593 Points)
Replied 29 March 2013

thanks for reply and is there any limit for cash in hand ?

V P Narasimhan (Accounts Manager) (793 Points)
Replied 10 April 2013

If you have huge amount of cash in hand (at the end of the year) it will attract "wealth tax' as per our Auditor.

Dipjyoti Majumdar (CA in service & CS. dipmaj@ ) (3469 Points)
Replied 12 April 2013

For individual and HUF, cash in hand > 50,000 is a taxable asset.. For others, any amount not recorded in books of account is an asset under Wealth tax Act 1957.

Regards,