Deposits by others in a bank account,
This query is : Resolved
20 March 2025
One of my client used to take payments in his own bank account from his various customers (Vide UPI/IMPS/NEFT). Subsequently, he used to withdraw cash from his account and refund the same to his customers after deducting a meagre commission. In this way, he has received a huge amount (Approx. 80.00 lac) in his bank a/c and has also refunded the same after withdrawing cash from his account. Now he approached me to file his ITR. How can I file his ITR? What nature of income is to be shown? Is there a way to file his ITR ?
21 March 2025
Show commission income under income from business.
Check the limit of payment in cash not exceed the limit.
The repayment of loan limit for 269T of an IT act is ₹20,000. It means individuals cannot repay loans or deposits in cash for transactions of ₹20,000 or more.
Check the limit of payment in cash not exceed the limit.
The repayment of loan limit for 269T of an IT act is ₹20,000. It means individuals cannot repay loans or deposits in cash for transactions of ₹20,000 or more.
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