Generally, not accepted by ITO
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175681 Points)
Replied 16 November 2016
Generally, not accepted by ITO
Dr A SUBRAHMANYAM
(CEO)
(95 Points)
Replied 20 December 2016
As a further clarification, please take note that the standard formula adopted by the investigation authorities in financial matters is to set off 30% of the salary or income towards "kitchen expenses," and hence, one need to re-deposit cash withdrawn accordingly and not otherwise. The two most formulae adopted by the Investigating agencies is to assess the proportion and disproportion of assets held by the individual is :
1) 30% of the income towards kitchen expenses;
2) 10% of the income towards LIC / Insurance premium
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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