Regarding transaction th. credit card

This query is : Resolved

Rajat Sharma (Querist)
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28 November 2024 Respected Sir, That the incoeme tax case under section 142(1) of the assessee has been fixed for scrutiny.That the assessee is the owner of the crredit card.That the credit card of the friends and relative also use the credit card of the assessee. That Now I am in doubt who is the amount belong to the assessee and which is the amount belong to the relative/frieds who has use the credit card of the assessee.Sir from authority I want to know who can I do in the above said matter and oblige.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 November 2024 You need to prepare financial statements specifying the usage of the credit card by different persons, and their repayment to your bank account (cash payments for Rs. 20,000/- or above for the financial year will not be considered). The statements along with bank statements and credit card usage details will be able to clarify your own usage and its source.

Rajat Sharma

Rajat Sharma (Querist)
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17 December 2024 Sir I also want to know which is the last date to finalized the proceedings under section 142(1) for the Assessment Year 2023-2024

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 December 2024 Section 143(1) - Summary Assessment: Notices for summary assessment must be completed within 9 months from the end of the financial year in which the return is furnished. For example, for an ITR filed in FY 2022-23 (AY 2023-24), the deadline for receiving this notice would be by December 31, 2024.
Section 143(3) - Scrutiny Assessment: A notice under this section must be served within 3 months from the end of the financial year in which the return is furnished. E.g. For AY 2023-24 it will be June 2025.

Rajat Sharma

Rajat Sharma (Querist)
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17 December 2024 Sir thanks very much

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 December 2024 You are welcome.

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