14 March 2021
Suppose iam having propitorship business and cash sale of 1lakh rupee per day so monthly 30 lakhs.. i deposit 29 lakhs in current acnt of bank and take 1 lakhs rs cash to home for expenses monthly and show that drwaings in accounts So taking 1 lakh out of business for personal use in cash would amount to violation of sec269st where above 2 lakhs we cant tak cash on an event.. so here i am taking 12 lakhs in a year cash.. so would i lialble for penalty here same as in cash of partnership firm sec 269st applicBle on profit withdrawl in cash
14 March 2021
Taking 1 lac per month for personal use is not a violation of 269st. No limit for cash withdrawal from own bank account. In partnership firm Cash withdrawal allowed less than 2 lacs.
14 March 2021
In partnership cash withdrawals allowed upto 2 lakhs ... the limit is on single day 2lakhs... or 2 lakhs per month or 2 lakhs per year..?
14 March 2021
But in 269st no where is written that 2 lakh limit is with respect to year ..in section it is written that it is applicable on event , single transaction and single day payment
14 March 2021
Suppose in propitorship if my business sale is 30 lakhs and from that i deposit 29 lakkhs in firm bank account and that 1 lakh left of sale cash take to home for personal use and show it as drawing in accounts.. would it be legal to do this bcz in a year i woulb be using 12 lakhs cash from business sale to personal..? And also do i have to mandatory deposit the 30 lakhs in firm current bank accnt then .. again have to withdraw from bank for personal use..? Is it mandatory to do this process or just we can simply take out cash from business sale above 2 lkhs yearly
14 March 2021
Also i case of salary if someone is accepting salary in cash 20000 per month from an employer under 44ad. ...do employee is chargable for 269st for accepting agreegate 2.4 lakhs salary in a year
15 March 2021
Yes, 269st is event based year and day is not relevant. In case of proprietor 269st not applicable. You can do as proposed. You can spend for personal from business cash. Monthly salary payment is an event need not be clubbed for a year.
15 March 2021
Then why in case of partnership only 2 lakhs per year cash withdrawals allowed..? As the 296st is event based then how we decide it a year
25 March 2021
Receiving 60 thousand rent in cash as advance of 3 month rent.. is violation of. Sec269ss and penalty? So how much advance we can accept in cash for rental services or in case of goods also
06 April 2021
Suppose my friend gifts me a 15 lakh car toh me.. do i have to pay tax in Incometax on that gift..? But in the section of gift tax there is not mention of car in that list
06 April 2021
Suppose i go holiday with my freind and he pays all my expense of my trip and he give me this trip as a gift.. So then on that trip Incometax is also payable..? Bcz he give me that trip as a gift to me
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