17 December 2016
You have to deposit entire Rs 3 Crore of cash in hand in your bank account of your firm after demoneitisation of HVN. you can also show this huge amount in payment of your personal withdrawals/ businee expences on or before 8.11.2016. but if you carry the same , than at the time of filing your Income tax return, Assessing officer must asked why you not deposit this amount to convert into new currency and that may leads him to reject your accounts and making best judgement assessement. BETTER , YOU HAVE ATTEMT TO ADJUST THE SAME IN PAYMENT OF YOUR CREDITORS OR SHOWING ADVANCES IN SMALL FRACTIONS IN SOME GOOD NAMES WHOM YOU CAN CONVINCE IF NEED DURING ASSESSEMENT PROCEEDINGS.
17 December 2016
Let's suppose you would had physically and in actually have this Rs 3 Crores cash balance ,you would have to more cautious about that security as any unwanted fire explosion in that place or any theft therein might be results you to lost all such OLD CURRENCY NOTES.
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