DEAR SIR PLEASE TELL ME THAT IF THERE IS CASH TRAXINTION BETWEEN TWO FRIEND OF MORE THAN 20,000/- WITHOUT INTIMET TO INCOME TAX
WHAT PENAULTY SHOULD BE IMMPOSED BY THE INCOME TAX TO HIM ?
rajesh kumar singh bhadouria (managing director) 22 January 2013
DEAR SIR PLEASE TELL ME THAT IF THERE IS CASH TRAXINTION BETWEEN TWO FRIEND OF MORE THAN 20,000/- WITHOUT INTIMET TO INCOME TAX
WHAT PENAULTY SHOULD BE IMMPOSED BY THE INCOME TAX TO HIM ?
sitaramaiah (audit manager) 02 February 2013
Dear Sir
IF this transaction has been carried out in business ,this cash payment has been disallowble as per income tax act. This means Cash pament more than 20000/- (whole amount) should be add back to your income and tax should be impossed at applicable rates.
Thanks and regards
CA balasiataramaiah
9014828572
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