Regarding scrutiny
This query is : Resolved
13 September 2012
Hi,
Dear Sir,
I want to know that i have filed return of govt.person who has invested his Income in construction company. Construction Co. has given interest Amt in cash to party. i am filing return of that person and i consider this cash Amount in the return so Am i correct?
Next Que is that Scrutiny is come in case of construction Company and they Demand ITR V from me because i have considered his cash figure into return. So i could not get it i have argued alot but they want that ITR V fro me( He told that Scrutiny is come once its over by showing this ITR V dept issue order on him) but which order Dept will pass? what is purpose of demanding ITR V from me ? pls explain each case perfectly.
thanks
Dear Sir,
I want to know that i have filed return of govt.person who has invested his Income in construction company. Construction Co. has given interest Amt in cash to party. i am filing return of that person and i consider this cash Amount in the return so Am i correct?
Next Que is that Scrutiny is come in case of construction Company and they Demand ITR V from me because i have considered his cash figure into return. So i could not get it i have argued alot but they want that ITR V fro me( He told that Scrutiny is come once its over by showing this ITR V dept issue order on him) but which order Dept will pass? what is purpose of demanding ITR V from me ? pls explain each case perfectly.
thanks
14 September 2012
Interest is taxable income hence considering the same while filing return is mandatory. Further it is demanded to cross verify that interest is paid to you as it is paid in cash so construction company must not have any proof to trove it.
14 September 2012
i consider in this way that Construction Co.make sure whether i have paid tax or not on this Amount because they people paid interest in cash So Am i right by considering the same in return ?
and If they call ITR V From me should i deliver the same for Scrutiny? and Can i demand any order Assessment Copy from him ? pls ans my each Que and Am I correct in Return Process or not?
and If they call ITR V From me should i deliver the same for Scrutiny? and Can i demand any order Assessment Copy from him ? pls ans my each Que and Am I correct in Return Process or not?
14 September 2012
Consedring Interest you are Income. You need not deliver Itr as it is not mandatory on you until office demands the same from you. If office demands you need to give.
14 September 2012
they told me that i had copy of letter in which it is mentioned Unaccounted Money(I.e.Interest Amount given to my Party In Cash) so i told him i need a lettter mentioning the same So He told ok once Scrutiny is over i give it to you but now he denied forwarding the same So what should i do?
14 September 2012
Dont gv ITR to him.
14 September 2012
So is there any Problem in receiving Interest Income in cash by Govt Retired Employee from Construction Co.?
2)i am showning this Cash Interest into his return Am i right?
3) To receive interest Income in cash is wrong in eyes of Dept?
4) how much Amount is accepting in cash ?
2)i am showning this Cash Interest into his return Am i right?
3) To receive interest Income in cash is wrong in eyes of Dept?
4) how much Amount is accepting in cash ?
14 September 2012
No. But paying interest in cash is not allowed if it exceeds 20,000. Further it does not give any proof of payment.
19 September 2012
person who got retired from govt. service and everything is received from retirement and amount get effected in bank (i.e. PASSBOOK)AND HE ALSO transfer 20 lacs to construction Company for further investment So pass book is right source for me to know?
2) Constrcution Co has maintained the ledger and i got the ledger account at the time of filing. he got 1 lacs interest in cash So can i consider the same in return becoz he has transferred the same from bank to construction Co.( from Passbook i got the figure) and in return Co. pays interest in cash. should i consider the same into return of retired person?
pls advice whether am i correct in process or not?
2) Constrcution Co has maintained the ledger and i got the ledger account at the time of filing. he got 1 lacs interest in cash So can i consider the same in return becoz he has transferred the same from bank to construction Co.( from Passbook i got the figure) and in return Co. pays interest in cash. should i consider the same into return of retired person?
pls advice whether am i correct in process or not?
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
