Savings account issue

[aryan77]

My friend did a credit transaction of 23 lakh in his savings account and a debit transaction of 22.7 lakh and all his transactions include payments mostly from friends only. He is a college student. What should he do to stay away from income tax notices.
Note -: He is not filling an itr also

 

[luciferocious]

are all bank to bank transactions or cash too added?

 

[aryan77]

are all bank to bank transactions or cash too added?

Around 18-21 are bank transactions.

 

[luciferocious]

Around 18-21 are bank transactions.

its good then. are the amount received from and send to different? if so then file itr for 30k as income.

 

[aryan77]

its good then. are the amount received from and send to different? if so then file itr for 30k as income

its good then. are the amount received from and send to different? if so then file itr for 30k as income.

In this there are NEFT transactions also of around 4-5 lakhs and credit card bills of 4-5 lakhs and major payments are received from blood relation only.
Still we have to file the ITR ??!

 

[luciferocious]

In this there are NEFT transactions also of around 4-5 lakhs and credit card bills of 4-5 lakhs and major payments are received from blood relation only.
Still we have to file the ITR ??!

if blood relations is maximum then no need to file itr I think so but connect with CA to be sure as I am no tax expert

 

[aryan77]

if blood relations is maximum then no need to file itr I think so but connect with CA to be sure as I am no tax expert

Ok thanks alot

 

[zacobite]

My friend did a credit transaction of 23 lakh in his savings account and a debit transaction of 22.7 lakh and all his transactions include payments mostly from friends only. He is a college student. What should he do to stay away from income tax notices.
Note -: He is not filling an itr also

he may still get a question... ask him to be prepared with accounting if necessary... and such transactions shd be avoided

 

[aryan77]

he may still get a question... ask him to be prepared with accounting if necessary... and such transactions shd be avoided

Ok I'll tell him. Thank you