Treatment of income
This query is : Resolved
28 April 2013
I want to transfer sum fund(approx 1.5 lakh) to other's bank account through net banking for sometimes.In this case what will be actual treatment to do this,so that the person donot come under incometax act ?
29 April 2013
Whenever you transfer funds through Net Banking the accounting treatment states that you have either transferred funds to your creditors or you have repaid your loan or you have given an amount as loan/gift to the person in whose accounts the funds have been trnasferred.
So you CAN NOT in any case get your Net Banking Transaction out of Tax Net and if you still try to avoid/misrepresent the transaction then that will be equavalent to MONEY LAUNDERING.
So try not to indulge in such activities.
So you CAN NOT in any case get your Net Banking Transaction out of Tax Net and if you still try to avoid/misrepresent the transaction then that will be equavalent to MONEY LAUNDERING.
So try not to indulge in such activities.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
