ITR

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Guest

Guest (Querist)

19 June 2011 Dear All,

Mr.X doesn't have any income for the previous year but wanted to file ITR for at least Rs. 260000 adn pay tax thereon.

All income to be shown in cash.

What source of income can be shown and which form shall he use?

Moreover, is there any problem in doing so?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 June 2011 If Mr X can say my income is 260000/ the A O may raise a question Why it is 260000/-? and Why it is not 620000/-??
You will not be in a position to substantiate that only this much amount has been earned by Mr X as you are having no evidence of income, A O may assess the income at higher side by adopting his own
standards and assumptions.

There are chances in which the assessee may suffer more than what he want to enjoy.

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