CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

Sharing the knowledge is my hobby.

Favourite field of activity is Income-tax .

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KUNAL VALJI BHANUSHALI says : deposits and withdrwals in SB account
Hello Sir, I Kunal Bhanushali, article assistant doing CA from Mumbai. I read your replies that cleared many queries. In one topic, I had a doubt, Please help me out in that. In query name- scrutiny of my account (Income Tax)- for deposits and withdrawals of cash in bank account, in which you gave your reply dated 17th july,2011. In that you said, "give proper explanations or make genuine stories" . You also gave 2 to 3 genuine story examples. One of them was, "I want to take loan from a bank which requires some turnover in my account" So, my doubt is, Revolving such money in account by depositing cash and withdrawing the same. Is legal? If such reason, I say to Officer, Will he accept the same? By doing such transactions, the loan can be availed? please sir, solve me this above query. I will be very much thankful. Regards, Kunal Bhanushali.

KUNAL VALJI BHANUSHALI says : deposits and withdrwals in SB account
Hello Sir, I Kunal Bhanushali, article assistant doing CA from Mumbai. I read your replies that cleared many queries. In one topic, I had a doubt, Please help me out in that. In query name- scrutiny of my account (Income Tax)- for deposits and withdrawals of cash in bank account, in which you gave your reply dated 17th july,2011. In that you said, "give proper explanations or make genuine stories" . You also gave 2 to 3 genuine story examples. One of them was, "I want to take loan from a bank which requires some turnover in my account" So, my doubt is, Revolving such money in account by depositing cash and withdrawing the same. Is legal? If such reason, I say to Officer, Will he accept the same? By doing such transactions, the loan can be availed? please sir, solve me this above query. I will be very much thankful. Regards, Kunal Bhanushali.

KUNAL VALJI BHANUSHALI says : deposits and withdrwals in SB account
Hello Sir, I Kunal Bhanushali, article assistant doing CA from Mumbai. I read your replies that cleared many queries. In one topic, I had a doubt, Please help me out in that. In query name- scrutiny of my account (Income Tax)- for deposits and withdrawals of cash in bank account, in which you gave your reply dated 17th july,2011. In that you said, "give proper explanations or make genuine stories" . You also gave 2 to 3 genuine story examples. One of them was, "I want to take loan from a bank which requires some turnover in my account" So, my doubt is, Revolving such money in account by depositing cash and withdrawing the same. Is legal? If such reason, I say to Officer, Will he accept the same? By doing such transactions, the loan can be availed? please sir, solve me this above query. I will be very much thankful. Regards, Kunal Bhanushali.

PRAVEEN JAIN says :
Dear Sir, in a partnership firm, there are 4 partners, viz.. Mr. A, Wife of Mr.A, Mr. B & wife of Mr. B As per Partnership deed no salary will be allowed to any of the partner but Interest on capital is allowed @12 p.a. My query is: Interest on capital paid to Wife of Mr. A & Mr. B is liable to clubbing provision with Mr. A & Mr. B respectively or not?? All the partners are income tax payee and invested the capital at their own.