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Urgent tax query
Mmy dad is contractor and his turnover for the last year is around 97 lacs does not come for tax audit and i m a ca final student.Last yr my dads ca showed me as my dads material supplier to reduce tax and current year as subcontractor n paid tds u/s 194c on 8 lacs .first time i m gonna pay it return for both fy 11-12 and 12-13 .In my view the above tax strategy is wrong.I need also professional opions from members.Thank you.
Replies (2)
According to me this false tax practices should be avoided and what is genuine should be shown and whatever purchased your father does is eligible to claim as exp.
but what ca does is right as the transaction has been made tds has been deducted so in view of IT the transaction is right.
you should also file return and show the amount in your income
But in future if ill do job or practice there can be scrutiny casecon me also na since pan details is also submitted and already my dad case comes under scrutiny from last 4 fys..
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