Huge deposit
chandan Tiwari (Student CA IPC / IPCC) (214 Points)
17 May 2021There is deposit of more than 5 crore but it is not my income.
How my income decided and what amount should I show in ITR ???
chandan Tiwari (Student CA IPC / IPCC) (214 Points)
17 May 2021
Vinnu Vinith
(21 Points)
Replied 17 May 2021
Lotus Agrawal
(Practice)
(1356 Points)
Replied 17 May 2021
Sivaramaraju G
(Learner)
(2398 Points)
Replied 17 May 2021
veerendar singh
(tax consultant)
(3301 Points)
Replied 17 May 2021
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 17 May 2021
Hi Chandan
It is in your mind that you withdraw the amount of repaying to the customer after deducting your commission part.
you need to prove to Income Tax Authorities that transactions have happened in that way. even after proving it creates dificulties.
Shubham Jain
(2 Points)
Replied 17 May 2021
Very True. There is a similar client of mine doing bill payments and money transfers. The cash deposit is above 13crores but in his case, there are acc credits of almost 20crores more and we have maintained daily records with real-time reconciliation. This is advised.
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