Cash deposit of 30 lacs in savings account
This query is : Resolved
CA. AMEYA PAI
(Querist)
06 November 2014
My client who is an Income Tax Assessee, is into the business of Stock Broker. His income is Brokerage, plus he accepts investments from his clients in cash and cheque and gives 5% pm interest.But he has not kept any accounts of his transactions. its in total mess. I need to file the return. But i am worried about the cash deposits. pls advice. What suitable business can i show to reduce tax and how much tax should i pay. keep in mind the vat and service tax obligations also.
Nikhil Kaushik
(Expert)
07 November 2014
you show the business that your client actually is in ie stock broking...
and cash deposits in excess of 30 lacs will be an issue as it is reported in the Annual Information Report submitted to Income-tax Department..
and cash deposits in excess of 30 lacs will be an issue as it is reported in the Annual Information Report submitted to Income-tax Department..
Nikhil Kaushik
(Expert)
07 November 2014
you show the business that your client actually is in ie stock broking...
and cash deposits in excess of 30 lacs will be an issue as it is reported in the Annual Information Report submitted to Income-tax Department..
and cash deposits in excess of 30 lacs will be an issue as it is reported in the Annual Information Report submitted to Income-tax Department..
CA. AMEYA PAI
(Querist)
07 November 2014
Dear Nikhil , my concern is the same. what to do for cash deposit. how to disclose it. and if scrutiny arises, then how to tackle the issue. pls throw light on this. thanks
Ca. ameya pai
Ca. ameya pai
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