can we deposit money on one time basis only ?
8 Replies
SAMIR PAREKH
(Consultant Taxation & Finance)
(22 Points)
Replied 14 November 2016
multiple deposits can be questioned
ankit
(Student CA Final )
(64 Points)
Replied 14 November 2016
suppose if we deposit more than 10 lakhs in current account what are the tax implications ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 14 November 2016
All the deposits are going to be questioned about its source, whether deposited singularly or multiple. Every account is PAN linked, and IT dep has put cc camera over it. But bigger fishes will come in net earlier. Government has indirectly intimated about deposits upto 2.5 L will be softly treated.
In your case, you can prove about its source, and accordingly pay tax slabwise, or u/s. 115bbe and also request for drop of penalty u/s. 271(1)C.
Refer: www.caclubindia.com/experts/letter-format-to-drop-penalty-u-s-271-1-c--919305.asp
RAJESH
(STUDENT)
(30 Points)
Replied 15 November 2016
sir,agr mere pas pan nahi hai aur muje 55000 bank me jama karne he to kya din me 49000 aur 6000 is tarike se dal sakta hu
Ramesh
(Student)
(90 Points)
Replied 15 November 2016
Any amount beyond Rs. 49,995/- has to be deposited mandatorily with a PAN Card only.
ankit
(Student CA Final )
(64 Points)
Replied 16 November 2016
if we have above 10 lakhs cash in hand in books of accounts can we deposit that amount
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 16 November 2016
" cash in hand in books of accounts can we deposit that amount............"
As a CA student you very well know the answer........
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