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Doubt

agnes (accountant) (26 Points)

19 May 2016

I have a doubt. A person get a huge amount from out side. But that not his income. He is only an intermediary of two companies. In this case he is liable to pay income tax or not? Please give a suitable answer. its very urgent With Warm regards Agnes

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7 Replies

Vikas Gupta (Tax Executive) (530 Points)
Replied 19 May 2016

If it's not income, you only need to clarify IT department that it's not your income if IT serves you notice in this regard.

agnes (accountant) (26 Points)
Replied 19 May 2016

Thank youu

Vinay somani (CA, CS) (Assistant Manager-Accounts) (549 Points)
Replied 19 May 2016

Agree With Vikas.

if the same is not your income should not be taxable in your hand. but u have to prove this.

Ramanuj (Accountant.) (834 Points)
Replied 19 May 2016

AGREE WITH ABOVE

IF YOUR HAVE INCOME YOU HAVE TO BE TAX PAID

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 19 May 2016

Well said all of above. But if it covers under money laundering... Please be cautious.

agnes (accountant) (26 Points)
Replied 21 May 2016

How can i prove this?

CA Pracheta Shirish Deshmukh (CA) (204 Points)
Replied 29 May 2016

The amount will be debited in bank account while making the payment. Please make sure some legal agreement in this regard to prove income tax department in future.