Cash directly deposited into bank account by debtors-40A(3) applicable or not

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ash directly deposited into bank account by debtors-40A(3) applicable or not<br> Query (Issue) Started By: - Amit Kumar Dated:- 16-7-2021 Last Reply Date:- 18-7-2021 Income Tax<br>Got 2 Replies<br>Inc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ome Tax<br>Sir, various debtors have directly deposited cash in my current account from different location. what is the impact on me as a creditors and impact and violation on debtors. Reply By DR.MA....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....RIAPPAN GOVINDARAJAN: The Reply: In my opinion there will be no impact on you. However the debtors will be considered violation of Section 40A(3) of the Income Tax Act, if the cash deposits exceeds ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....&#8377; 10,000/- in a day. Reply By ARVIND JAIN: The Reply: Agree with the view of DR.MARIAPPAN GOVINDARAJAN Sir, hope the deposit amount is not more than 2 lakh in one instance against one bill go ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....through section 269SS and u may have to file Form No. 61A - Annual Information Return or Statement of Financial Transactions] under section 285BA of the Income Tax Act, 1961<br> Discussion Forum - Kno....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wledge Sharing ....