29 September 2016
hi... My client is planning to buy a luxury car. what would be his tax implications. will any information regarding payment for car go income tax dept through any source like AIR? whether he has to mention in his ITR about the car?
24 October 2016
TCS will b applicable in ur case(if the amount exceeds Rs. 10L). Irrespective of the amount IT Dept. can track the details of the purchase, since u'll pay it from the Bank. So better to make the disclosure of the transaction.
CAclubindia
