bhopen (MBA) (104 Points)
30 March 2017Hello sir, I am running a small business of Money transfer. Money is recieved by cash from the customers and amount is transceted through net banking from my current account. The received cash is again deposited to my current account. It goes on daily which amounted upto 1 lakh daily. My question is should I pay income tax and if yes, then under what condition?
Studentsca
(CA Practice )
(3577 Points)
Replied 30 March 2017
bhopen
(MBA)
(104 Points)
Replied 30 March 2017
You mean I don't need to pay income tax. I heard Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities. Is it true?
Studentsca
(CA Practice )
(3577 Points)
Replied 30 March 2017
bhopen
(MBA)
(104 Points)
Replied 30 March 2017
HOW TO REPLY PLEASE GUIDE ME..BECAUSE MY AGGREGATE TRANSECTION MAY CROSS 50 LAKHS IN A YEAR.
Studentsca
(CA Practice )
(3577 Points)
Replied 30 March 2017
bhopen
(MBA)
(104 Points)
Replied 30 March 2017
Studentsca
(CA Practice )
(3577 Points)
Replied 30 March 2017
bhopen
(MBA)
(104 Points)
Replied 30 March 2017
Thank you very much for clearing my doubts. you mean such transections will not be counted as income?
Studentsca
(CA Practice )
(3577 Points)
Replied 30 March 2017
Studentsca
(CA Practice )
(3577 Points)
Replied 30 March 2017
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