My customer wants to deposit cash money in my bank account in his city.
Is there any limit in doing this?
10 Replies
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 25 January 2020
There is no such limit specified.
But, If he is maintaining books of Accounts, verify the cash balance and go ahead or else it will create problems at later point of time.
Roshni
(Studwnt)
(1141 Points)
Replied 25 January 2020
It shouldn't be more than 2,00,000 otherwise need to explain/report
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 25 January 2020
Such limit is not for the purpose of deposit in Bank Accounts.Please go through the clarification given by the Government in form of Press release.
CS Vishal Mehta
(Self Employed)
(436 Points)
Replied 25 January 2020
Any third party cash deposit in our account is a transaction presumed to be done by us only or by our behalf only.
So in such a transaction, third party may not reflect any entry in his account but ours bank accounts are reflected, although there is no limit in cash deposit but yes there can also be an inquiry against a person holding bank accounts if the cash amount is too big or the transaction seems suspicious by bank officials.
Kapadia Pravin
(17264 Points)
Replied 25 January 2020
If it's excess of Rs 2 lakhs or more , such cash deposit by customer will invite 269ST provisions and there the penalty is 100% of such amount.
This is receipt transaction of cash by you to customer's account. Customer depositing cash is just an honorary service he provides to you. That's all. Nothing more than that.
Neeraj Kumar Gupta
(5 Points)
Replied 25 January 2020
What is the highest turnover limit for saving acount in a financial year what liabilities are for this type of turnover ?
CA Kiran Sutrave
(CA)
(428 Points)
Replied 25 January 2020
It is better to avoid such transaction. Ask the customer to issue cheque and deposit in the nearest branch or courier it to you. I agree with Mr. Kapadia
sabyasachi mukherjee
(27644 Points)
Replied 25 January 2020
@ ajit
it has been introduced in the last budget...
finance bill 2018.
it has been introduced in the last budget...
finance bill 2018.
Kapadia Pravin
(17264 Points)
Replied 25 January 2020
The Government had introduced a section 269ST w.e.f. 1st April, 2017
All , please be clarified.
All , please be clarified.
Recent Topics
- Gst credit ledger input
- Income Tax Filing after Portal Deadline
- LTCG U/S 54 -TIME PERIOD RELATED
- Clarification -GST registration
- TDS on commercial bus insurance payment
- Does we need Environmental Clearance certificate f
- GST Rate confussion
- ITR-U for non taxable income
- GST registration -notice
- GSTIN Suspended Form GST Reg 17
Related Threads
CAclubindia
