Case under section 142(1)

Tax queries 175 views 6 replies

Sir I want to know that my CIBIL is very low and I was in need a credit card so I have taken the credit card in the name of my wife and use the credit card for my business and other purpose but now my wife is in receipt a notice and asking regarding credit card.Sir my wife and holder of credit card never use the credit card  Sir I want to know that can my wife made the reply that' I have never use the credit card it has been used my husband with my permission and agreement made between usI have made the withdrawal and deposit the amount in the said credit card 

Replies (6)

you can do so. Make sure you properly account for all the transactions and ensure that all the expenses incurred on her card are reimbursed.

Respected Sir I want to say that the totally of withdrawal  tfd in the bank of husband of the assessee.Sir both are filing their return under section 44AD for the since long.Sir now I want to know that the assessee is liable to provide the details of credit card regarding withdrawal and deposited in the reply of notice.

that depends on the facts of the case. if you are filing under 44AD, the only thing you need to establish is your turnover. Nothing else.

Respected Sir with due respect I want to know that my husband has been used my credit card for Rs 13 Lac but he has deposited refunded a sum of Rs 9 Lac by tfd from his bank account online.sir I want to know that can my husband paid me Rs less than 2.Lac on account of use my credit card.Thanks

i am not sure how all of this is related. Under 44AD everything is limited to turnover and getting that part right. 

 

If the query is for wife's PAN, you can always claim that its personal expenses. Not sure why are you complicating it this much. 

Thanks and Sorry Sir 


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