12 October 2016
Do I need to keep the record of deposit slips for my accountant?
2) Are there any limits with regard to cash deposits and withdrawals?
3) is there anything I need to take care of while making cash purchase bcz I heard from my CA that I can't make cash purchase for more than 20000 in a day??
kindly help
02 November 2016
There is no need to maintain records for cash deposit slips, coz the amount will reflect in ur bank statement. For posting entry in accounting software, u may handover the slips to ur accounts department. Yes cash expenses above Rs. 20K to a single party in a single day is disallowed by the Income Tax Dept. There is no limits on cash withdrawals, but at the time of cash deposit u must have to show ur PAN in the deposit slip, if the amount of cash deposit above 50K.
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