Will IT accept returns of proprietorship, when ...?

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Kapil Khanna (Querist)
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07 July 2011 Will IT accept returns of proprietorship biz. when company is not registered nor has current account?
The company has cash collection only for which savings a/c of proprietor will suffice.
Proof of doing business will be Franchisee agreement, receipts, bills etc.
Please advise.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 July 2011 IT accepts every income which yields tax to it.

Filing of return will result into tax receipt so IT will gratefully accept the return.

You have to carefully check for cash purchases >20000 and loan transactions if there be any.

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