My friend is a P.F and E.S.I consultant. He is practicing in P.F and ESI for many industries. The Clients have been deposited the Statutory dues to my friend's bank account and he paid them through his bank account on behalf of them. At the end of year my friend's bank transactions crosses Rupees Two Crore (Rs.2 crore). But his actual income for the year is Rs.4,50,000. My query is how to disclose his income for tax filing? If I disclose only Rs.4,50,000, will he receive any notice from I.T dept for his bank transactions? please clear my query
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TURNOVER OF CONSULTING BUSINESS
Replies (1)
Dont worry. You can explain to IT dept if any scrutiny comes but that is unlikely. only disclose 4.5 lakhs as income. nothing much to worry.
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