Sir
A person has turnover almost 7,00,000.00 but his Bank balance C/A and savings are 9,50,000.00. If he filled ITR4 and show below taxable income there will be any problem?
6 Replies
ABHIJIT MANNA
(ACCOUNTANT)
(447 Points)
Replied 03 August 2018
SIr
I can't understand, there will be problem or not, because IT will never ask me for the income of source after that?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 03 August 2018
Based on the financial statements submitted by bank, a query may be raised by department.
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 06 August 2018
Banks maybe filing AIR (Annual Information Return) and submit it to Income Tax department. Certain PAN criteria that fulfill those PAN may reflect in AIR.
ABHIJIT MANNA
(ACCOUNTANT)
(447 Points)
Replied 07 August 2018
There were opening balance of Rs. almost 4,00,000/-, in the bank so there will be problem?
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 08 August 2018
As long as there was a sufficient amount of opening balance in bank & cash there would be no problem.
And also as long as the total of credit entries in the bank statement doesnot exceed Rs. 10 lakhs, the probability of case being picked up is less.
This is my personal opinion.
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