A collecting agent got demand notice from IT dept on cash amount deposit in his bank account. However he is collecting the cash on behalf of a finance company then after depositing amount in his account and he remitted that amount through Internet Banking to company.
what should be the reply and which sections of income tax are applicable to deal with the situation.
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Income Tax Demand on cash deposited in bank account
Replies (2)
How the ITR of the collecting agent filed? If the commission income was declared for assessment, justify the income with the bank statement along with the contract between two parties.
He need to provide the bank statement along with details of money and remitted back to the principal
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