Dear Seniors/ Experts,
I am in very big trouble,on 2008 i am doing some share markets with the amount of 15000,and one of my friend he requested me to give my share tarding account details to him so that he can also play in share market, i agreed with him because i am working in his shop as a mobile technician,I beleived on him i have given my full details with check book & ATM,he used my check book and ATM and without my knowledge he made very heavy transction in my account,he used my account approx 1year and in that period he made about 25-30 lakh Rs transaction.
But now the problem is that from income tax department they sent notice to me to pay the tax of the amount which he has made the transaction on my account ,they are asking me to pay 11 lakh Rs as income tax,i belongs from a poor family and we never faced this type of problem and we dont have that much capacity to pay the tax, but now what i have to do please give suggestion.
Thanks in Advance
Mirza Seraj Baig
CAclubindia
