Since May 2023, I have been depositing hard cash around 50 thousand each month in my wife account. Sources of that amount is by doing freelance work such as data entry and taking tuition and other beautician works. As the amount is received by hard cash, and the total earning would come around only 5-6 lakhs each year is it mandatory to maintain any documents to prove the sources of income? Please advise
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What documents need to be maintained for Income Tax
Replies (6)
Your query is not clear...
Bcoz, You deposit Your wife account...
Also You said the source of money...
But, You can't say who is doing the business/works...??
Bcoz, You deposit Your wife account...
Also You said the source of money...
But, You can't say who is doing the business/works...??
Sorry about that. My wife does the work and I deposit the money at the bank
Sources of her Income are data entry works through freelance, taking tuitions and beautician work at home.
-->>> No issues...
Otherwise if You follow up your activities then keep as below:
better to keep Your expenses details and related documents like bills and receipts...
Otherwise if You follow up your activities then keep as below:
better to keep Your expenses details and related documents like bills and receipts...
Documents thay need to be maintained is not very clear.
You must not deposit hard cash to the tune of rs.50000 in wifes account.
Its not mandatory.
You must not deposit hard cash to the tune of rs.50000 in wifes account.
Its not mandatory.
Books of accounts in not necessary right for 44AD cases? for 44AD cases, other than bank statements what else is needed?
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