CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

TURNOVER OF CONSULTING BUSINESS

This query is : Resolved 

My friend is a P.F and E.S.I consultant. He is practicing in P.F and ESI for many industries. The Clients have been deposited the Statutory dues to my friend's bank account and he paid them through his bank account on behalf of them.
At the end of year my friend's bank transactions crosses Rupees Two Crore (Rs.2 crore). But his actual income for the year is Rs.4,50,000. My query is how to disclose his income for tax filing? If I disclose only Rs.4,50,000, will he receive any notice from I.T dept for his bank transactions?
please clear my query


Disclose only Rs.4,50,000, he will not receive any notice from I.T dept for his bank transactions provided such deposits were made through cheque.


Thank You for your Valuable Reply Sir. The Deposits are paid 70% by Cheque. Remaining 30% was by cash. Now what can i do Sir.

As cash deposit exceed 10 lacs you will receive notice from IT department. Reply the notice as deposits from clients for remittance of PF and ESI dues.
In future accept only cheque.

OK SIR.THANK YOU VERY MUCH

You are welcome...........


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
llp
income tax
itc
career
VAT
ca exams
tcs
corporate law
shares stock
law
cbdt
dvat
icai
rbi
gstr 9
Service Tax
students
Info Technology
Professional Resource
exams
eway bill
sebi
accounts
ca rankholder interview
close
GST Live Class

FM by Grant Thornton    |    x