Compliance regarding air-001 notice issued by itd
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2016
Our client has received a notice from ITD regarding non filing of income tax return of A.Y.2014-15.In Information Summary, AIR-001 Deposited Cash of Rs.10,00,000 or more in a Saving Bank Account is mentioned.Actually,cash is deposited for tax payment of various persons.Thus, there is no source of income from which such cash is received i.e. no actual income.
Quesion is which option to select in efiling portal compliance section?
Quesion is which option to select in efiling portal compliance section?
10 March 2016
unless and until the persons who have deposited the money are covered under section 56, there is income in this case...
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Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2016
But the income is not of the assessee to whom such notice is issued by ITD. Cash is deposited in the bank account for the purpose of payment of tax challans of other persons who have given the cash to the above mentioned assesssee for their payment.
The assessee is tax consultant who receives cash of clients for tax payment of them and paid the same online by depositing in his account.What to do in this case ?
The assessee is tax consultant who receives cash of clients for tax payment of them and paid the same online by depositing in his account.What to do in this case ?
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