USE THE BANK ACCOUNT OF WIFE
This query is : Resolved
03 February 2025
Respected Sir, With due respect assessee want to know that the assessee is the holder of credit card and filed her income tax return under section 44AD and the case of the assessee has been opened on accoount of transaction made through credit card.Sir from the record it is found that more than 50% of total credit card deposit has been used by the husband of the assesse, who is also an filed his income tax return under seccton 44AD That the gross receipt of the husband is more than 30 lac. That the gross transacton is about 24 lac.Sir, all the trnsaction deposit in the case husband of the assesse made by swap credit card i.e. online, but the husband of the assessee has been return the said amount in the shape of cash. Sir, I requested that please guide me can the husband of the assessee used the credit card of his wife and deposited the cash in the credit card account in the mode of cash and oblige. Thanking you.
03 February 2025
Cash payment to any person 2 lacs and above not allowed.
03 February 2025
Respected Sir, Cash deposited in the credit card account by husband of the assessee, because the husband of the assessee tfd the amount from the credit card of his wife.
03 February 2025
Such payment should not be in Cash
05 February 2025
Respected Sir, With due respect I also want to know that can the husband of the assessee and other relative and friends use the crredit card of each other.Thanking you.
05 February 2025
Yes, with permission from the card holder.
05 February 2025
Respected Sir,With due respect, I want to know that the credit card has been used for Rs. 13 Lac by the husband of the assessee and card holder but the husband of the assessee has been return the said amount for Rs. 10.00 Lac th. UPI or online tfd. Sir, both are filed their returns under section 44AD. Sir from your kind authority I want to know that can I show the balance amount outstanding with husband as an advances. receivable. Thanking you.
05 February 2025
Yes, you can show it no problem.
06 February 2025
Good Morning, Respected Sir, From the above said expert openion from your authority I shall be highly thankful to you..Sir my new query is that the husband of the assessee was the defaulter of bankers and he is in need of credit card,So he has applied for credit card in the name of his wife.Sir the wife of the assessee never used/swap the above said credit card issued in her name.That the husband has been used/swap the said credit card for withdrawls and deposited the amount in the said credit card.Sir the holder of credit card not in knowledge the transaction made by her husband. Sir can in reply of notice as above mentioned that I have not withdrawls and deposited the amount in credit card. Thanking you.
06 February 2025
No you can't reply as such as transaction are there in the credit card account.
11 February 2025
Respected Sir, I want to know that can anyone member of family of the assessee deposit the cash in the credit card of the assessee Thanks
11 February 2025
Subject to limit less than 2 lacs allowed.
25 February 2025
Sir with due respect I requested that the case of the assessee was opened under section 142(1) and by taking your good opinions and in the light of facts and figures I have filed the reply.That mostly this case was opened for use of credit card.Sir now I am in receipt of show cause notice and surprised to see that the chart regarding transactions has not mention in the show cause notice and more than 5 paragraphs written in the reply of notice which was the major part to show the above said transactions has not been considered by the AO.The AO has pick the said paragraph which have no major part of reply and the major paragraph and chart has not mention in his show cause notice . Sir I also want to draw your kind attention that assessee was used two credit card and the full reply of both credit card with chart and paragraph has been mentioned in the reply, but AO has not mind it he is only interested in one credit card.Sir I want to know that can AO has right to not mention the complete facts and figures and chart in his show cause notice . Thanks
26 February 2025
AO can consider what ever he wants but you can reply with facts and figures.
He has to consider your reply.
In case of non consideration go for appeal
He has to consider your reply.
In case of non consideration go for appeal
27 February 2025
Respected Sir Assessee has been filed her income tax return for the last 5year under section 44AD Sir I want to know that can I show the cash in hand for Rs 3.Lac from out of past saving or I can show the cash in hand mention in the income tax return for the last year Thanks
27 February 2025
Yes, you can show 3 lacs out of past savings.
01 March 2025
Sir the father in law of the assessee was regular income tax assesee for the last more than 30 yrs old that in the year under consideration the father in law of the assessee has been expired.Sir I want to know that can I show the assessee has been received cash for Rs 5 Lac out of cash in hand at the time of death of father in law of the assessee for Rs 20 Lac.That this cash in hand given by the legal heir and wife of the deceased .. Thanks
01 March 2025
No, that's not allowed.
02 March 2025
Sir for the previous year I have advances a sum of Rs 126000/- to my husband th credit card and in the next year he has refund the said amount in Cash and I have deposit this amount in my credit card account.Sir I want to know that can I have received the cash on account of advances.thanks
02 March 2025
Less than 2 lacs no problem.
05 March 2025
Respected Sir, The assessee has been sold her personal car for Rs 4.00Lac Sir can the assessee invest this Amount in her business.Thanks
05 March 2025
Yes, no problem 4 lacs can be invested in her business but the 4 lacs should have been received through bank account on sale.
06 March 2025
Respected Sir How many amount invested for business Cash on account of sale of personal car Thanks
06 March 2025
Less than 2 lacs cash.
No limit for bank.
No limit for bank.
10 April 2025
Respected Sir, the Richa Kumari was opened under section 142(1) and mainly on amount of for Rs. 25.00 Lac deposited in her credit card.Sir Respected, by taking your expert opinion I have prepare the show cause notice to the Ld.A.O. faceless has been passed the order at par in the favour of assessee and there is no tax liabilities.Sir I shall be highely thankful for you kind act.
10 April 2025
You are welcome...
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16 May 2025
Respected Sir From your expert opinion an case open on account of use the credit card AO has been passed the order in favour of assessee. Sir now I am in receipt of notice under section 133(6) on account of cash deposit for Rs 30279500/-,Sir in response to above said notice the books of assessee was audited under section 44AB and file the updated return and paid the taxes comes thereon.That the nature of the business was L-14 wine contractor.Sir the Ld CA has been made the audited thoroughly and filed ITR on 20-03-2024 Sir now the department has been issued a notice under section 148 dated 20-03-2025 by mentioning that ITR under section 138(8A) has been filed by the taxpayer without fully reconciling the mismatch and the high value transaction.Sir from the intimation and from the record of the assessee found that department reported true value (Source) Rs 3,17,13,106/- whereas the auditor has mentioned the true and correct value for Rs 3,47,67,334/- which is the actual figure as per books of account and relevant documents Sir this kind of figure not matching with the form 26AS and AIS portal of the income tax department.Sir please guide me how to give the reply to this notice Thanks
19 June 2025
Respected Sir The Assessee has not filed the income tax return for the AY 2020-21 and the case of the assessee for the AY 2021-22 has been fixed under section 142(1) whereas the AO asked to furnish the cash book for the last year थैंक्स
19 June 2025
Why ITR not filed. Is it because of no taxable income.
19 June 2025
Sir the gross purchase has been reflected in form no 26AS for Rs 50 Lac and TCS for Rs 50 Thousand due to the loss to this partnership the assessee was not file the return Sir can the department demand the cash Book for the year 2019-20 in the proceedings of 2020-21
19 June 2025
Show the loss income accounts, no problem.
28 June 2025
Respected Sir I am the senior partner to an accountancy firm and maintained books of account of the partnership firm name Shanti parsad and all the Book of account and all the income and expenditure vouchers all parties ledger bank account statement receipt of daily excise duty pay non refundable deposit and all kinds of cess and duties remained with me for the assessment year 2021-22. That the department started the proceedings for show the cash deposit for Rs 3.,crore which was deposited out of cash receipt of daily sales of the assessee from L-14 wine unit.Sir I want to draw your kind attention that the assessee was not audited the said account books and not filing the income tax return and the assessee leave the above firm and all the partner belongs to separate -seprate state and not in our range.So being an sincerely citizen I have made the audited from Ld. Chartered accountants and file the updated return for the said year but the Said CA has not mentioned in in his 3CB and 3CD form that the asking the amount for Rs 3 crore whereas in the Audited trading mentioned the gross amount for 3.48 Lac and after that the case was opened and issued the online notice under section 148 ,and I have give the reply of all queries and about the Cash deposit for Rs 3.00crore now the department has been issued the notice under section 142(1) with simple queries.Sir but in the notice department has asked to produce the Cash book and audited Balance sheet and account books for the last asstt year 2020-21 and I have no record for the AY 2020-21 can I this regard I draw the all things before the department and asked for start the new proceedings for the AY 2020-21 which had been timeward. Thanking
28 June 2025
Yes, you can tell what happened to the department and seek their help in settling the issue as you have filed updated return and paid taxes.
Take the help of other experts also.
Take the help of other experts also.
01 July 2025
Sir the Ld AO has asked to produce the details of account which was more than 50 Thousand in the year Sir I want to know that can the purchases of the assessee comes to the category of expenses.Thanks
01 July 2025
Sir the Ld AO has asked to produce the details of account which was more than 50 Thousand in the year Sir I want to know that can the purchases of the assessee comes to the category of expenses.Thanks
01 July 2025
Yes, it's expenses as sales is income.
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