By Malamuro - 13.06.2020
Law on cash deposit
Federal law requires banks to report cash deposits of at least $ The Currency and Foreign Transaction Reporting Act of established rules for large bank and business transactions. Most people refer to this law by its more.
Published on Jul There has been a big hue and cry over the demonetization of Rs.
The business community who are relatively well-off were also upset because of the threatening statement of the government that law on cash deposit deposit above Rs.
Whether those statements law on cash deposit any legal law on cash deposit or not, was debated across the country by the intellectuals. The statement of the government did not state whether the deposit ceiling is with reference to savings account or current account link loan account or all the accounts put together.
Law on cash deposit the intelligentsia it was concluded law on cash deposit no penalty could be levied for depositing the amounts representing demonetized currencies into the bank account s of the taxpayers if it is admitted as income. Earlier the government did not also spell out as to how and when the banks have to submit the report for law on law on cash deposit deposit proceedings by the tax department.
AIR which must dispel the fears of the taxpayers. This parameter would apply for go here made with a banking company or a co-operative bank to which the Banking Regulation Act, applies or Post office.
Further, sub-rule 5 to section Law on cash deposit has been amended whereby the statement of financial transaction i.
AIR of newly listed Sl. In short, Rs.
Conclusion The CBDT perhaps has taken note of the woes of the business community who may have fund inflow due to collections from debtors which they may have omitted to deposit law on cash deposit Diwali and hence has prescribed the cash deposit limit law on cash deposit Rs.
This would provide the much needed relief to the traders and law on cash deposit micro entities to overcome working capital law on cash deposit.
The amendments to Income-tax Rules, could not be deciphered by the common man on bare perusal of the amendments and law on cash deposit professional fraternity has to bti stock forecast the fears of businessmen by explaining the benefit of such amendment in order to set the businesses back law on cash deposit their rails.
May be, the CBDT has to give enough publicity in the media about the amendments made so that legitimate accounted money of business community could be deployed without https://bitcoin-info-reddit.site/cash/crypto-cash-out-strategy.html fear.
Any encouraging clarification in this regard would also help the banks to realize many NPA accounts at this juncture.
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