Adjustment

Tax queries 109 views 1 replies
Dear Experts, I have never filed my ITR and do not prepare books of accounts. An amount of Rs. 99,000 was due to be paid to my father by a company. My father told the company to transfer the amount to my bank a/c. The amount was transferred to my bank a/c through NEFT and I withdraw the whole amount in cash and hand it over to my father. How should I show this amount in my books? Will it be treated as income in my hands? Please reply soon. Thanking You
Replies (1)

It cannot be taxed in your hand. Just keep records of the correspondance as proof of the transaction as on behalf of your father.


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