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Income tax
ONE OF OUR CLIENT SHOWN RS. 4.05 LACS.AS COMMISSION RECEIVED FROM DIFFERENT PARTIES IN HIS ITR WITH OTHER BUSINESS INCOME AND PAY THE I. TAX. HIS CASE IS SELECTED FOR LIMITED SCRUTINY "CASH DEPOSIT". HE HAD NOT MAINTAINED PARTY WISE COMMISSION DETAILS. THE ITO DISALLOWED MY COMMISSION INCOME AS UNEXPLAINED CASH RECEIVED. WHAT ARE THE OPTIONS WE HAVE. PLS SUGGEST.
Replies (2)
Disallowed commission income means what??
Please make your quary claer.
THE PARTY SHOWN COMMISSION INCOME RS. 4.05 LACS.. THE COMMISSION RECEIVED FROM DIFFERENT PARTIES ON DIFFERENT DATES FOR PURCHASE OF CLOTHS ON BEHALF OF THEM. BUT PARTY WAS NOT MAINTAINED THE RECORD TO WHOM THE AMOUNT RECEIVED. THE ITO DEMANDTED THE NAME OF PARTIES TO WHOM THE COMMISSION RECEIVED. IN CASE OF NON PRODUCING THE NAME THE ITO ADDED THE UNEXPLAINED CASH.
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