Bank transactions is more than one crore

This query is : Resolved

123456789 (Querist)
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07 May 2019 Sir/ Madam,

My GST sales is Twenty Six Lakhs but my Bank transactions is more than One Crore how to show the balance of bank transactions in my Income Tax Returns for the year of 2018-19.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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08 May 2019 You have to have proper justification for balance appearing in bank account.

CA. Brijesh Baranwal

CA. Brijesh Baranwal (Expert)
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08 May 2019 You should prepare your accounts and see if the transactions are related to your business receipts/turnover or of personal nature i.e. transactions within your own bank accounts.