Individual Current A/c V/s Income Tax

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Anurag (Querist)

09 June 2011 Dear Sir,

My name is Anurag, here i want to know about income tax return in condition- if i run a current account with my name, and i do transaction more than 3 lakh per month than will i come under tax structure if yes than what would be the procedure.

kindly confirm

Thanks

Anurag- 09711923774

Pls. mail -anuragg24@gmail.com

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 June 2011
Whether the Bank Transactions in current account are related with your business ?

In such a case please show your bank statements along with the particulars of receipt and payment and seek advise of a CA
in this matter.

Ashok Asthana

Ashok Asthana (Expert)

10 June 2011 Income tax deptt is concerned with your income and whether you are discharging tax liability. It does not make any difference if the transactions are being done through sb or current accoout. You have to file return.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)

10 June 2011 You need professional advice of a tax consultant who will guide you after seeing your bank statements, invoices etc

Pankaj Gandhi Jaiswal

Pankaj Gandhi Jaiswal (Expert)

12 June 2011 I agree with Mr Ashok Asthana, you are liable to file return only if your income is exceeding the minimum exemption limit, however you have to do accounting of your all accounts irrespective of CA & SB to check whether your income is exceeding or not

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