CASH DEPOSITS AND WITHDRAWALS
This query is : Resolved
13 July 2022
I want to know the tax implications in the following cases in case I am not maintaining book of accounts
A) If I receive a certain amount in my bank account from Mr A, and transfer the same amount to Mr B immediately, what are the tax implications? In case I am not maintaining book of accounts
B) If I make an online payment on behalf of Mr C, and Mr C pays me back for the same through bank transfer, will it have any tax impliations?
A) If I receive a certain amount in my bank account from Mr A, and transfer the same amount to Mr B immediately, what are the tax implications? In case I am not maintaining book of accounts
B) If I make an online payment on behalf of Mr C, and Mr C pays me back for the same through bank transfer, will it have any tax impliations?
13 July 2022
A) The question that can be raised is Why mediator? Why B did not pay it directly to C? Secondly, why the payment made? etc. etc.. If found spurious deal, the whole amount be taxed at highest possible rate..
B) No tax liability may occur provided genuine reason provided, alongwith relationship between both.
B) No tax liability may occur provided genuine reason provided, alongwith relationship between both.
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