-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
AIS & Credit Card Usage Notice
- Thread starter gopal sharma
- Start date
-
- Tags
- ais credit card money rotation
Yes,if shiwn in AIS/TIS.
How & from where can he pay 56lac bill if your income is merely 10l.
His father can not show business as his employer won't allow that along with job AFAIK.
@gopal sharma can show his business & show 6% profit but there comes GST as next hurdle,as transactions exceed that range 20l/40l.
What about the GST part,he doesn't have one.
He can show rotation, no problem in that. Rotation is not illegal.
Card_Crafter
TF Ace
Isiliye toh dharadhar devaluation ho rahe hai har jagah
It's just not just rotation,a merchant account is also involved,so GST department will come in picture as transactions crossed the permitted limit.
rockyBalboa
TF Ace
You have done 2 mistakes
(1) Rotating 56 L.
And the second one is even more severe than the first one.
(2) NOT CONTACTING A QUALIFIED CA.
Majority of people here are like me who are not qualified enough to get you out of this trouble. You should immediately go to a professional CA and seek help there. I have gone through the responses you got here and 95% of them are just useless and some have even gone far out of their way in making fun of your situation.
(1) Rotating 56 L.
And the second one is even more severe than the first one.
(2) NOT CONTACTING A QUALIFIED CA.
Majority of people here are like me who are not qualified enough to get you out of this trouble. You should immediately go to a professional CA and seek help there. I have gone through the responses you got here and 95% of them are just useless and some have even gone far out of their way in making fun of your situation.
Yes that is true and maybe he have to pay some penalty and do some formalities, but it is not something so major to fear. That's why with my initial comment on this thread, saying to OP to go to a reputed CA and get it sorted.
People are putting fear into his mind in this thread and maybe he is very much scared now, instead of helping.
When a cop gets a tax notice, it’s like a siren going off in his head. He might as well start packing his bags for a long vacation. His son has messed up big time and put his dad’s career on the line. His son has done something very naughty and put his dad’s job in jeopardy. The best thing he can do now is confess and take the consequences, instead of looking for loopholes on the web. If he doesn’t, he’ll be tempted to do more silly things in the future and end up in more hot water.
Santanu.Sen
TF Buzz
Oh. I assumed he had gst registration when he said he had a current account.
Yes, that's true,it's manageable, these transactions might not be visible in AIS at all.
In AIS it will be visible but nothing to fear. I know many people whose income are 18-20L and does 1-2 Cr. txns on credit cards every year. Show some profit and that's all.
log IT department ko banks ki tarah powerless and lalu samajh rahe hai.
Yeah, that can be done easily showing 6% profit.
But here absence of GST & his never filing an ITR made it a bit tricky.
Expert advise should be taken.
But here absence of GST & his never filing an ITR made it a bit tricky.
Expert advise should be taken.
6L profit is very much, they don't even show 1L as profit.
Yes opening a current account without GST and rotating through that is little complicated. But I am a sure that a CA can help in linking all this. Yes for mere 50k he did very big txns and now maybe have to pay more than 50k for all CA fees, taxes, penalties and all.
gopal sharma
TF Buzz
Hn bhai daar ka mahul h
gopal sharma
TF Buzz
Nooo
He's a kid,got misguided.
It's not his fault.
Parents should keep an eye on kids & should not handover credit cards or bank accounts to them and if necessary to share,then should check transaction statements on regular basis.
Similar threads
- Question
