Wine shop turnover made in third party account - it impact
This query is : Open
18 April 2018
Dear All,
It is noted in many cases that Wine shop alloted to Mr X, but regular business deposits and wine purchases made from "Y" bank account , where he is just manager or cashier of such wine shop which ultimately results in 148 notice to "Y" as he is not showing the same in his IT Returns where X shown in IT and claimed TCS as refund also. What is the impact on "Y" ?? and How X should show such transaction to IT dept.?? Pls clarify . Thank you
It is noted in many cases that Wine shop alloted to Mr X, but regular business deposits and wine purchases made from "Y" bank account , where he is just manager or cashier of such wine shop which ultimately results in 148 notice to "Y" as he is not showing the same in his IT Returns where X shown in IT and claimed TCS as refund also. What is the impact on "Y" ?? and How X should show such transaction to IT dept.?? Pls clarify . Thank you
18 April 2018
Without going in to legality of this kind of working from the point of view of agreement with government for allotment of the shops, in my opinion, if there is an agreement between X and Y for assignment of license from X to Y then the notice has to be replied accordingly that as per this agreement the all sales and purchases were required to be made by Y on his account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- Capital gain on sale and purchase of plot
- Resigning a auditor from the company for misconduct
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
