Regarding mode of payment without any IT Notice
This query is : Resolved
Quick Summary
Ruchi Rakh
(Querist)
15 June 2023
If there is a farmer who does not file income tax, if he wants to buy an agricultural land, then in which mode should he give the money to the person in front of him so that he does not get any income tax notice??
15 June 2023
For purchase of any property payment through any Banking mode (like Cheque, DD, RTGS etc.) is mandatory.
In case the value of the land registered is more than 30 lakhs, he may still get a query.
In case the value of the land registered is more than 30 lakhs, he may still get a query.
Ruchi Rakh
(Querist)
15 June 2023
So what will do if he doesn’t want to get any query bcoz he is farmer nd he didn’t understand to IT Rules nd regulation
15 June 2023
There is no other provision to stop query from ITD if the value of the property is Rs. 30 lakhs or more. The query may or may not arise. Generally filing return of income is best source to hinder such queries.
Secondly, if the amount is paid by banking mode and if the capital he is investing is from legitimate source, he can easily reply to the query without any further investigations.
Secondly, if the amount is paid by banking mode and if the capital he is investing is from legitimate source, he can easily reply to the query without any further investigations.
Ruchi Rakh
(Querist)
18 June 2023
So can he pay some amount with cash and remaining with cheque?
18 June 2023
No. The transactions should be through banking channel only, otherwise penalty gets attracted.
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Closer of business and itc of capital goods
- TDS Return Statement Status
- Appointment of Auditor By Form ADT-1
- RCM and same line
- 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
- ITC not to be taken in accounts & GSTR-3B
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
