A-Cube Consultancy

A-Cube Consultancy We are providing unbiased consultancy in the field of Income Tax, GST, PF, ESI along with the compliances.

ITR 2023 Update - ITR 1 & ITR 4 has started today for FY 2022-23.
25/04/2023

ITR 2023 Update -

ITR 1 & ITR 4 has started today for FY 2022-23.

Get your reports in 2 Days!!Free Consultancy for 10 minutes....Feel free to call or text between 9:00 am to 8:00 pm.
24/04/2023

Get your reports in 2 Days!!

Free Consultancy for 10 minutes....
Feel free to call or text between 9:00 am to 8:00 pm.

Limit of Cash Deposit and WithdrawalIn normal routine, Generally client calls for asking the limit of cash deposit and w...
20/04/2023

Limit of Cash Deposit and Withdrawal

In normal routine, Generally client calls for asking the limit of cash deposit and withdrawal in a day or year.

Tax Consultant - Why you are worried about this, just simply deposit or withdrawal. How Income tax or RBI act can impose limit on deposit or withdrawal means there is no limit.

Client - No Sir, that i know there is no limit for cash deposit or withdrawal. But I am worried about the income tax. Because if i deposit or withdrawal cash and later income tax department issue notice to me for showing the source of the cash. As you know, there is nothing illegal in my business but we can't do all the transactions in bank, right Sir.

Tax Consultant - Ok, then if you are having a current account then limit is Rs. 50 lakhs p.a. and if you are having saving account then limit is Rs 10 lakhs p.a.
And if you cross the above limit then Bank need to report to Income tax department that the particular account has crossed the set limit. It does not means that the department will surely issue a notice but yes will keep eye on the reported accounts.

Client - Ok Sir, thank you for the valuable information.

Budget Analysis on Diamond - In India, there is an established market for polishing and cutting the rough diamond either...
20/04/2023

Budget Analysis on Diamond -
In India, there is an established market for polishing and cutting the rough diamond either it is natural or lab grown but due to Russia Ukrain war, import of lab grown diamond is impacted. Hence now India is looking for scaling the production of the rough lab grown diamond by themselves. Hence, Finance minister made announcement in the budget -
1. Basic Custom duty on seed used for producing lab grown diamond will be Nil from 5%.
2. Grant to IIT for doing research in producing lab grown diamond.

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