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How to prepare itr having 50 lacs bank transaction

Tax queries 245 views 1 replies

Abhishek Rathi

ARTICLE TRAINEE

29 Points Joined September 2014

I have a notice recd from client. Who recive notice from It deptt. for compliance . He have 50,50,70lacs transaction in bank saving account for deposite self and from unknown parties. And he have agricultural income . how to prepare itr for him. and what do for these several entries in bank accounts

Replies (1)

raghavan

self

611 Points Joined August 2011

Take bank stt for the relevant period and try to assimilate agriculture debits and credits. All other credits will be taken as taxable income by the debt. Any capital receipts may be vouched with the clients support. Try to understand future implications to client on these disclosure before advising methods.also analyze previous returns submitted by client to understand source and respective application of funds.all the best