Advice

Querist : Anonymous (Querist) 05 January 2012 This query is : Resolved
i am a trader of vegitables having large scale transactions aprox.(2,00,000/week) in my saving account.
i have no pan card.
what are the cosequences have to face me from the income tax department because i am dealing in my saving account n i have no current account?
what are the penalities? what i have to do for further business dealings???

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Anirudh (Expert) 05 January 2012
Dear Anonymous,
Just because you keep your money in the SB Account (and not in Current Account) does not mean that you are not not liable to pay income tax.
While your turnover per week may be Rs. 2 lakhs, what is to be considered as your income from such trade is the net that you realise after spending for the purchase of the vegetables, expenses etc. Therefore, if you have annual income which is liable to tax, then you have to obtain PAN Number, and pay the income tax.
You will be better advised to get in touch with a Chartered Accountant, discuss your matter and then take appropriate action.

Deepak Nair (Expert) 05 January 2012
You shall obtain PAN card at the earliest and start filing IT returns and pay income tax. You are rightly advised by Mr.Anirudh.

Raj Kumar Makkad (Expert) 05 January 2012
As you are trader and you weekly turnover is crossing Rs. 2 lakh so it shall be better for you to hire the services of an accountant so that he may update your accounts and may fulfil all requirements of income tax act as well as other relevant laws.

Devajyoti Barman (Expert) 05 January 2012
It is always advisable to appoint professionals to del with skilled jobs.

prabhakar singh (Expert) 06 January 2012
yes! truly said.

Sailesh Kumar Shah (Expert) 06 January 2012
appoint accountant to manage accounts and also consult CA for necessary action.

soumitra basu (Expert) 08 January 2012
Prepare books of accounts. Prepare final account. See whether you have taxable income or not. If yes deposit tax and file income tax return.

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