Transfer of fund from one bank a/c to another

Tax queries 723 views 2 replies

hi all,

Plz advise, is it good to transfer fund from one bank a/c to another bank a/c without cheque, means withdrawing cash from one saving a/c and transferring it to another saving a/c.Should i use cheque for fund transfer.Is there any complications or  can  assessing officer object this transaction?

looking your early response,  Thanks

Replies (2)
If both the accounts are pertaining to one single person, then for administration convn. One can withdraw frm one acct. And deposit in another account. Hwwvr, thru air ao wud come to knw high cash deposit and may ask for explanation.

If there is no non disclosure of income,the assessee need not bother about AO.Otherwise the cash deposits beyond a level also incase of scrutiny are very much answerable.


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