Dear all,
I have income from my business. But due to some reasons I was using my sons bank account for my business transactions in which I have deposited business money also. My query to all of you is that how to present these transactions in my income tax return? Can I claim my sons bank account as my bank account in ITR?
Please suggest.
Thanks in advance.
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Income tax return
Replies (3)
Your son's bank account is ok but are bills invoices in your name ? Transfers by you to Son's account to be treated as advance paid and expenses from your son's account will be deducted from the advance amount and the balance will appear in BS.
You can't claim your son's bank account as your bank account in ITR
You can't claim your son's bank account as your bank account in ITR
Thank you Kapadia Pravin sir for your answer. Actually I generally receive small chunks of payment in cash from my customers and this amount I have deposited in my sons bank account and my son is a salaried employee. What's in this scenario ?
The solution is do not mix up transactions.
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