Cash transaction
This query is : Resolved
12 September 2011
Hi Experts,
Is there any harm in me lending some money to my friend by withdrawing from bank and receiving it back in a few days through electronic transfer? I am not sure if there can be some IT related trouble if I do that. Is there any way this sort of money flow can result in some additional taxation on any alleged account by the ITO?
Thanks!
Is there any harm in me lending some money to my friend by withdrawing from bank and receiving it back in a few days through electronic transfer? I am not sure if there can be some IT related trouble if I do that. Is there any way this sort of money flow can result in some additional taxation on any alleged account by the ITO?
Thanks!
13 September 2011
Any payment exceeding Rs. 20,000/- in cash other than account payee cheque shall be added as your income and equal amount shall also be charged as penalty for violation of the Income Tax provisions
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