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return file query

132 views 2 replies

Ishant Gupta

10 Points Joined January 2017

if a contractor has deposit of 80 lakh in a year and withdrawal 79 lakh

then what os rrquires to file his return and how ?? is audit be needed

Replies (2)

Ishant Gupta

10 Points Joined January 2017

if a contractor has deposit of 80 lakh in a year and withdrawal 79 lakh in his bank account

then what is require to file his return and how ?? is audit be needed

Ajit Hegde

CA - Final

1367 Points Joined September 2009

Audit is not required in your case. However, source of income has to be declared in IT return and to be filed with appropriate tax. Withdrawal amount will have no impact.

If you are of the opinion that diff of 1lakh is your income, that is wrong. Whole of 80 lakh will have to be considered