How to show third party money in itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2014 DEAR EXPERTS,

i am an accountant in a company,my company give me a cheque of rs 20 lakh to pay salary of employees , i en cash the cheque in my account (ay 2014-15). how can i show this amount in my income tax return so that income notice not served to me . i have detail of payment of such amount for employees salary.

thx to all experts

VAMSI ASSOCIATES/S.PHANI RAJ

VAMSI ASSOCIATES/S.PHANI RAJ (Expert)
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17 April 2014 i st thing the company transfer the amount to your savings account or another account
i st u clarify whether in savings account transactions done in a year more than 10.00 lakhs then the account details can be goes to income tax department in the form AIR transactions. so you will be liable to show the details. and don't do like that in future because in company current account can do any no of transsanctions but in individual savings accounts transanctions are not more than Rs.10.00 Lakhs. and take a authorisation letter from your company for the above transanction

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Rupesh Jain

Rupesh Jain (Expert)
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17 April 2014 r/sir

this practice will stop immediately other wise you receive notice for high transaction in you saving a/c.
normally notice issue by Inocme tax for amount deposit and withdrawls in cash exceed Rs. 10 lacs in a year.

pls stop this practice.

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