 "Readers’ Corner: Taxation")
To help a friend who was travelling, I took a cash payment of Rs 2.5 lakh from his client and deposited in my bank account. Later, I transferred it to him via net banking. If I get a query from the tax department, asking to explain the source of funds, what should I do?
You are rightly worried as the tax authorities may suspect this to be the case of money laundering. There are several aspects to this transaction which can be questioned and needed to be explained. First of all, why did you receive this cash? What is
You are rightly worried as the tax authorities may suspect this to be the case of money laundering. There are several aspects to this transaction which can be questioned and needed to be explained. First of all, why did you receive this cash? What is
