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Income tax return

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Student
141 Points Posted on 22 August 2019
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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On 22 August 2019 at 13:48 Report
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17264 Points Posted on 22 August 2019
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
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On 22 August 2019 at 14:39
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Student
141 Points Posted on 22 August 2019
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 ?
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On 22 August 2019 at 15:34
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17264 Points Posted on 22 August 2019
The solution is do not mix up transactions.
101 Reply
On 22 August 2019 at 20:35


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