Ajit Choudhary (32 Points)
09 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 09 October 2019
1. Yes, you can deposit provided you have valid documentary evidence for such a cash deposit.
2. Income tax could ask for the source of such cash receipt.
Please correct me if the above solution has an alternative view.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 09 October 2019
1. Yes, you can deposit provided you have valid documentary evidence for such a cash deposit.
2. Income tax could ask for the source of such a cash receipt.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17264 Points)
Replied 09 October 2019
sabyasachi mukherjee
(27682 Points)
Replied 10 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 10 October 2019
1. Sec 269ST is applicable only in case of receipt of cash exceeding Rs. 2 lakhs in a day from a single person relating to a single transaction.
2. In this case, he is only depositing the cash into the bank. This will not be covered u/s 269ST as I have mentioned earlier only the source of income needed to be explained to the bank and IT (If demanded)
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17264 Points)
Replied 10 October 2019
sabyasachi mukherjee
(27682 Points)
Replied 11 October 2019
CAclubindia
