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My. Query is ..... scruitiny case out of creditors amounting Rs 1.2crore confirmtion of Rs 90 lac is avlble what are the consequence and what shall be done in this situation
Replies (6)
Dear Vijay,
Prepare the reconciliation for the same from Rs. 90L to Rs.1.20Cr. and produce it before the AO.
Balance of 30 Lacs will be considered as Income of the Assessee.
Straightaway taxed @ the maximum marginal rate i.e 30%
30.9% or even 33.99% if surcharge is applicable. There may be penalty provisions applied by revenue if there is wilful fraud in addition to disallowance of bogus expenses.
Thanks,
Reconcile the accounts and try to recognize the reason of differences. If there are some geniune reasons of differeces (eg cheque in transit etc.), It may help you to prevent yourself from tax & penalties.
Guys...we will have to critisize the banking transaction tax....it'll reduce the scope of chartered accountancy to a huge extent.
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