Sir, I want to know if a Businessmen whose capital is Rs 15lak and Rs 50000 as capital in hand,for the FY 2015-16, then how much amount can be deposit in current Account. Is there any rules or guidelines regarding deposit of money in current account.
18 Replies
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 23 February 2017
many partners introduce their share of capital by depositing in current account of firm
Ashim kr Ray
(social service)
(1695 Points)
Replied 24 February 2017
Sir,
If no such rule then why Income Tax notice served to those whose has deposited more than 12Lak in current Account , in month of november and december 2016.As Some section of business increase due the time of demonitisation,where businessman accepted old notes on sales of good ,an same deposit in bank.
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 24 February 2017
rule is there for cash deposit. it is there even before demonization. thre is no rule for bank balance limit. Banks have to send AIR to ITD for cash deposits above 10lakhs. the same has been amended to 2.5 lakhs for savings account during demonetisation. it is cleary for cash deposits.
manoj
(student)
(5205 Points)
Replied 24 February 2017
No such rule for bank deposit
only they got notice due to mismatch with ITR
Ashim kr Ray
(social service)
(1695 Points)
Replied 25 February 2017
Sir,
suppose a busniessman has Closing stock Rs 400000, capital is Rs 15lack and cash in hand is Rs 50000 for the Fy 2015-2016.Can he make sales of Rs 32lack for FY 2016-2017. IF yes then how.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 26 February 2017
No such Rule. But you are accountable for money received and deposited in Current Account.
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