Please clarify the problem to filing the it return
This query is : Resolved
murali krishna
(Querist)
03 October 2013
Sir,
One of my client is deposited 75 Lakhs to SBI to different dates for the F.Y.2009-2010. It is necessary to submit Audit. Department has given a notice to file the IT returns. Sir I have to be filed 8% of the Profit to above 75 Lakhs. Is it correct or not. Audit time was completed. There is any source to reduce the Tax. Deductions of 80C and Chapter VI is done. Any personal Expenditure deducted the above 75 Lakhs. Please clarify the above.
Thanking you sir,
One of my client is deposited 75 Lakhs to SBI to different dates for the F.Y.2009-2010. It is necessary to submit Audit. Department has given a notice to file the IT returns. Sir I have to be filed 8% of the Profit to above 75 Lakhs. Is it correct or not. Audit time was completed. There is any source to reduce the Tax. Deductions of 80C and Chapter VI is done. Any personal Expenditure deducted the above 75 Lakhs. Please clarify the above.
Thanking you sir,
Dintakurthi Tirumala
(Expert)
03 October 2013
The decision and suggestion shall depending on the facts of the case means based on the nature of transaction,sources of deposit etc... so simply we can't say yes or not.
In case if you assumed such Rs.75 lakhs is turnover then you are liable for tax audit and penalty shall levy by AO upto Rs.1,00,000 so as per my view it is not a correct decision, to give proper suggestion require some information regarding assessee, so please contact any experience person in this regards, because of physical presence is important.
Otherwise call me:8985063892 because of to give appropriate suggestion required personal talking.
OM SAI SRI SAI JAI JAI SAI
In case if you assumed such Rs.75 lakhs is turnover then you are liable for tax audit and penalty shall levy by AO upto Rs.1,00,000 so as per my view it is not a correct decision, to give proper suggestion require some information regarding assessee, so please contact any experience person in this regards, because of physical presence is important.
Otherwise call me:8985063892 because of to give appropriate suggestion required personal talking.
OM SAI SRI SAI JAI JAI SAI
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