Good Morning Everyone,
One of my friend's elder provides service of Money transfer. I just want to know, what will be queries raised by income tax department to him in current process of deminetisation. He collect the cash of small amount from peoples and transfer the amount n their savings accounts. his individual transaction are about10000 only some of them may reach about 40-50000/- and in period of one week or fifteen days he deposit had cash in his same current account.
After 8th November, cash deposit transaction are look after by income tax department, What queries can be raised on his cash deposit in his current account and what should he do?
kindly clear it ASAP.
Thanks & Regards.
Arun Kuma Dixit
CAclubindia
