CA. Raghav Baheti (Practicing Chartered Accountant) (50 Points)
24 December 2014To build capital, people often file retun of Income Tax with nil tax. They usually show income 190000-200000 with a view to build capital wich is known as EK NUMBER KI CAPITAL.
Those people dont have any Income. They show Commission Income or Income from Job work or Classes Income etc..
What are the possible legal implication for such acts?
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 25 December 2014
CA Ragini
(CA)
(405 Points)
Replied 26 December 2014
The legal implications can be if in future such a person is asked by the ITO/AO to produce the records and supporting documents to justify the sources of such income......and the assessee is not having the same then it may create problem for that person.
Intermediate Student
(-)
(644 Points)
Replied 26 December 2014
CAclubindia
