My name is Anurag, here i want to know about income tax return in condition- if i run a current account with my name, and i do transaction more than 3 lakh per month than will i come under tax structure if yes than what would be the procedure.
10 June 2011
Income tax deptt is concerned with your income and whether you are discharging tax liability. It does not make any difference if the transactions are being done through sb or current accoout. You have to file return.
12 June 2011
I agree with Mr Ashok Asthana, you are liable to file return only if your income is exceeding the minimum exemption limit, however you have to do accounting of your all accounts irrespective of CA & SB to check whether your income is exceeding or not
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