If I start start transaction in our current ac of my partnership farm daily depositing 2 lac and withdraw maximum amount on next day for next 60 days. Total deposit amount can be 1cr and withdraw also 1 Cr. How can I show this in business file and what can be the consequences?if I show only 2-3 lack profit on this transaction what can happen?
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Deposit in current ac
Replies (3)
Records of all the income expenditure vouchers would be verifed. May be audit report of the accounts be asked.
wHO CAN AUDIT MY AC?
when you deposit 1 crore cash during this time frame, it will be noted by income tax authorities and it will reflect in your efiling account against your PAN. You should maintain proper records/ documents/ bills and get your books written to show the transactions.
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