ITR
This query is : Resolved
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?
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
(Expert)
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Query on effect of registration of property
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Additional trade name
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
