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cash transactions with the bank

shaikh sajeed (Associate) (151 Points)

21 April 2018

WHAT if I DEPOSIT RS.1000000 /RS.500000 IN MY SAVING OR CURRENT A/C? THEN WITHDRAWS TO PAY MY DUES BY CHEQUE.....IS IT A PUNISHABLE OFFENCE? WHAT IS THE RIGHT WAY TO DEAL?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178293 Points)
Replied 21 April 2018

If you deposit 10 lakhs in any of your savings account, IT department gets its information from bank, and a query is raised by way of AIR...... for the explaination of the source of such cash.

There is no restriction on the way you spend....... by way of cheque/online.

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shaikh sajeed (Associate) (151 Points)
Replied 21 April 2018

SIR THEN WHAT IS THE CORRECT WAY TO DEPOSIT THOSE IN MY BANK A/C?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178293 Points)
Replied 21 April 2018

First of all the cash should be accountable (from known source/s)

The same can be deposited in sav account/s (but better to mind that limit) ......... file ITR for the year......... and pay liable tax........ No problem.........

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