Third party transaction in bank account

This query is : Resolved

Ganesh Krishnan S (Querist)
Follow

28 August 2015
I have one query..,

My client receives money through bank (NEFT) from Party X and he transfers money (NEFT) to party A and B who is creditor and employee of X . Value of this transaction is More than 12 Lakh rupees. According to Income Tax Act what are all the procedure to be followed for this transaction...?

ThanK you...

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

28 August 2015 the transaction is through regular banking channel. Ihat itself is more than sufficient for Income Tax. No any additional care is required to be taken.