Income tax case
one of my friend has to reply income tax department about the cash he deposited Rs 10 lac on a single day in his bank account in FY 2012-13. How can he justify the transaction? In actual it was a commission recd in cash on which no TDS done.
Replies (7)
well unless you can establish it is a gift, either way you get caught...
I accept with nikhil... Other option is , show 8% of profit as income from business (Rs.80000) on cash deposited (Rs 1000000)during that year as some business has been dine u/s 44AD...
Thanks but how can we produce gift deed before them.
Saranraj sir this option can only be possible if we could file a return but we cannot as this transaction belongs to f.y. 2012 13. Also return had not been filed for dat year.
Saranraj sir this option can only be possible if we could file a return but we cannot as this transaction belongs to f.y. 2012 13. Also return had not been filed for dat year.
Mr. Gaurav Jain, justify the amount deposited as loan taken from others by creating dummy promissory notes.
| Originally posted by : g.ranga reddy | ||
 |
Mr. Gaurav Jain, justify the amount deposited as loan taken from others by creating dummy promissory notes. |  |
Dear Mr Reddy,
That would attract section 269SS
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