#Anonymouswhile filing income tax returns, if you have not any profit from the deposits made to your account, do not
bother unless you are submitting income and expenditure account of your case.
since you r salaried employee, no need to inform this transaction.
but we cant predict future. your case may be selected for scrutiny.
by that time, you may be in the job of the present co. or not
so immediately obtain your account copy from your company which shows,
the deposits made to your account and their acceptance for the expenditure
or cash taken back from you and the final balance pending for each year as on
it is sufficient to convince the tax assessing officer in case you are asked information.
but BEWARE, cash deposits more than rs. 5 lacs and more than rs. 10 lacs will be
reported by bankers to the income tax department and the information shall be
processed by the income tax department to catch tax evaders.
never allow your co., at your personal risk, to deposit more than rs. 4 lacs at a single day
and also receive a certirficate that the amount deposited to your acount is for meeting
the expenditure of your site.
also, convice your co. management to open their current account at your site location
and ask them to give cash bearer cheqeues for drawing cash from the account.
17th February 2013 From India, Mumbai