02 June 2020
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
02 June 2020
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.
02 June 2020
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.
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