Income tax basic questions
FIrst I applogize as my english is not too good
1. As a taxpayer suppose I have made some profit in business. But I am not aware of retun filing process. Then I contacted a C.A for filing returns. I have given him all the files , bank statements, bills etc through email. Now on my behalf, he files the return and I verified it. So if Income tax department is not satisfied with mny return, Then in that case who is responsible for wrong retrun filing - me or my C.A and why according to rule ( It can be easily prooved the documents which are given to C.A by business man are sufficient for filing return)
2. HIGH VALUE TRANSACTIONS : One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.
What does this rule means.
Case study :
Suppose some one buy share(equity) of worth 2 lakh on day 1 through bank and next day sell shares (equity) for 2.5 lakh on day 2. After selling of shares(equity), he withdraws the money in the account. In this way his total deposits from bank are 2 crore and total withdraw to bank are 2.05 crore. Profit is 5 lakh
In the above case will bank report the transactions as High Value transactions?
I know that share company will report. But I am asking will bank report it
3. In case study 2 , the indiviodial, who has done high value trasnaction will have to report in retun or not under HIGH VALUE TRANSACTIONS
4. Capital gain vs Business income from shares( What is frequancy cutoff like 200 transactions, 300 or more)
Asked 9 months ago in Income Tax from Rudrapur, Uttarakhand
1.I have verified because I am aware of only profit part. But I done know which form should be used, which head of income should be used for filing returns. (So I am talking about these kinds of mistakes, how normal taxpayer can know about these things). For these things, C.A should be liable in my view. I am not aware
2. Banking channels (Internet banking)
Asked 9 months ago
But In India there are so many people who do business but they are not aware of return filing as it is very complicated process. It should be government responsibility to provide these kinds of services for return filing. I think there should be some independent department which should help people in return filing process for smooth return filing and avoiding errors in return filing.....Suppose Some man has made a profit from some business and he has all the records of financial statement . Can he contact income tax department for return filing
Asked 9 months ago