Rohit Kumar (group 2) (97 Points)
18 November 2016I have A wholseale of Medicine.
How much money I can deposit in business current account between 9 nov to 30 dec.
If answer is 12.5 lakh.
Can I deposit it in 500-1000 notes?
From Nov 9 to Today I have deposited 4 lakhs in my current account.
On average i used deposit 1.4-2 lakh per day in my Current account.
Dharmesh
(Student)
(1025 Points)
Replied 18 November 2016
Rahul Shah
(Assistant Chartered Accountant)
(196 Points)
Replied 19 November 2016
You can Deposit upto 12.5 lakh in your account .upto that limit Bank Will Not report to Income tax . but above Rs 12.5 lakh Bank will Report to the Income tax Department .
Dharmesh
(Student)
(1025 Points)
Replied 19 November 2016
CA Gopal Rathi
(CA)
(191 Points)
Replied 19 November 2016
you should deposite only single time and according to your books.only amount permitted by books can be deposited to avoid further scrutiny.
Quantum of amount is irrelevent if books permit
Dimple
(Student)
(364 Points)
Replied 28 November 2016
what to do if i had cash of Rs 800000 on 8th nov. I want to deposit these old notes in my current account. Should i deposit at one time or in parts??? I feel unsecured going out and depositing it at one time with this large amount, and if i deposit it in parts then, the question will be I am doing business on regular basis means how can i deposit 8th nov cash till 30 dec??????
plz reply
Thanks
Tejas Adhav
(student)
(33 Points)
Replied 28 November 2016
CAclubindia
