TURNOVER OF CONSULTING BUSINESS

This query is : Resolved

PANDIAN BRIGHT (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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02 June 2020 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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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02 June 2020 OK SIR.THANK YOU VERY MUCH

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 June 2020 You are welcome...........

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