Fwd: CA Nitin Pathak
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NITIN PATHAK
Nov 14, 2016, 2:06:52 AM11/14/16
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Dear Readers,
The government and income tax departments is going to be vigilant on cash deposition during the period .
The hearsay matter is being used by an individual as a tax planning tools.
We strongly recommend you to keep your emotion under control.
Do not go for buying land, shop, offices , residential premises, gold etc with old currency.
Be balanced.
Do not take it as business opportunity.
Do not support friends , relative in this income tax matters.
The balance in books should be reasonable and rational.
e.g. An employee drawing Rs 25000/- PM can not have a cash balance as per books not more than one month salary.
The balance of cash for a businessmen can not be more than 15 days cash receipt during the year. ( cash sales+receipt from debtors)
The deposit of cash should be rationally analyse and deposited. We can not give you whole crux of each case but broad parameters are explained on the basis examples as above.
There will be tax ,interest, and penalty likely.
There will be a collection of data from bank qua each pan no.( rather than each date,bank,branch) .
There is a possibility that there will be column while filing return deposition made by you.
Please be simple
Please be rational
Think of consequences
Be prepared for the choices of deposition of old currency in bank qua let it go.
Too much regards,
We are ready to support you in making decision.
Regards,
CA Nitin Pathak
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http://in.linkedin.com/pub/nitin-pathak/73/547/540
Depositing 500/1000 notes and Its income tax effects:
The government and income tax departments is going to be vigilant on cash deposition during the period .
The hearsay matter is being used by an individual as a tax planning tools.
We strongly recommend you to keep your emotion under control.
Do not go for buying land, shop, offices , residential premises, gold etc with old currency.
Be balanced.
Do not take it as business opportunity.
Do not support friends , relative in this income tax matters.
The balance in books should be reasonable and rational.
e.g. An employee drawing Rs 25000/- PM can not have a cash balance as per books not more than one month salary.
The balance of cash for a businessmen can not be more than 15 days cash receipt during the year. ( cash sales+receipt from debtors)
The deposit of cash should be rationally analyse and deposited. We can not give you whole crux of each case but broad parameters are explained on the basis examples as above.
There will be tax ,interest, and penalty likely.
There will be a collection of data from bank qua each pan no.( rather than each date,bank,branch) .
There is a possibility that there will be column while filing return deposition made by you.
Please be simple
Please be rational
Think of consequences
Be prepared for the choices of deposition of old currency in bank qua let it go.
Too much regards,
We are ready to support you in making decision.
Regards,
CA Nitin Pathak
For details visit blog canitinmpathak.blogspot.in
Regards,
CA Nitin M.Pathak
_________________________________________________________________________
B.Com., LL.B., F.C.A., D.I.S.A.(I.C.A), D.I.R.M. (I.C.A.),
C.I.S.M.( USA),C.I.S.S.P(USA)., SAP-FICO (CERTIFIED)
N.M.PATHAK & Co.
Chartered Accountants
B-1111,Mondeal Heights,Nr.Wide Angle,
Iscon Circle,Satellite,Ahmedabad-380015
Ph : 079-29704690
M: +91-9825804094 M. +91 8487974335 M.+91 7016637738
https://twitter.com/CANitinpathak
https://www.facebook.com/nitinmpathak
http://canitinmpathak.blogspot.in/
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