sanjay krishna (16 Points)
29 August 2021How Income Tax will know whether 20 lakh withdraw or 1CR ? IN CASE OF NON FILERS , 2% ON above 20lakh whereas filers, 2% on 1Cr. Then, if a person with 40lakh below turnover, then said person will file on the basis of turnover which is less than 1CR. THEN how the portol will know wether said person falling under 20lakh or 1cr limit. In such case, chances for receiving notice high??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 31 August 2021
Department gets information from the agencies, where the high value transactions are reported. The agents have to deduct TDS as per act, deposit to treasury, and report these transactions every quarterly.
ITD releases the list of non-filers PAN nos.. So everything is under lens; no chance of any mistake.
sanjay krishna
(16 Points)
Replied 02 September 2021
Ok sir.. thankyou.. is there will be any problem or question why withdrawn cash above 20 lakh ? For what purpose, cash has been withdrawn. If a person withdraw cash above 20 lakh but only have turnover 38 lakh. Is there is any relevance for sending notice for explanation .?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 06 September 2021
Even if you get any query, the reason for withdrawal should be explained. There is no connection between cash withdrawal with turnover, but with expenditure/purchases in cash. In many businesses there comes requirement of cash during harvesting season etc. So they provide the reason for such cash requirements. It may happen, that after some period, if the purpose is not solved, the cash is redeposited.
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