I want to know that if i will do ASBA IPO application for Rs.200,000/- then will I get the Notice from the I.T. Authority for clarification for sources of funds and create the problem of Scrutiny/Inquiry from I.T. Dept ?
And Whether it is advisable to apply for Rs.1 lac or Rs.2 lacs to avoid any problem/notice from I.T.Dept.
25 January 2011
IT Department can enquire on any amount of money. If u have proper explanation about the source of the money than it will not invoke any srutiny or any problem for u.
CAclubindia
