23 August 2010
Dear sir, my client came from out of india and bring money in cash and he want to start his business with that money .now my question whether he can start the business WITH SAME MONEY and Whether i have to declare anything in income tax department if yes then what is it procedure. thanks
24 August 2010
You may have to prove the source and the capacity of the person who has brought the money from outside India . Documents and evidence pertianing to the conversion of money into Indian currency should be kept and maintained. There is no provision for making any declaration before the Assessing Officer in this regard.
CAclubindia
