09 August 2021
We received a payment from a party from other persons bank account. Now we have a Income Tax scrutiny and party is not confirming Accounts . What should we do in these circumstances . What should we reply to Income Tax Authorities. Please advise?
09 August 2021
Please give more details so that I am able to give suitable reply. 1 What for the payment received. 2 When the person is not confirming the payment.
If payment is received towards supply of goods or services your invoice could be a evidence of payment.
09 August 2021
When Income Tax send him notice to give accounts transaction details. The party Simply hide our one sale bill and also hide the Payments.
09 August 2021
When Income Tax send him notice to give accounts transaction details. The party Simply hide our one sale bill and also hide the Payments.
10 August 2021
You reply as, the payment is received against supply of goods, give invoice number and date. Date of receipt of amount in bank account. Invoice copy and bank statement enclosed. Say applicable taxes on the sale paid to government. It's not known why he is hiding our transaction. We confirm that the receipt of payment is a genuine one for sale of goods which is received through banking channel.
10 August 2021
This is genuine transaction but party on other side is hiding the transaction facts which is unnecessary creating doubts to Income Tax Authorities.
10 August 2021
Why he is hiding the transaction is it to evade tax. In such a case based on your reply and documentary evidence you will be relieved and other person will be subject to scrutiny.
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