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I'm working as a manager in a infrastructure company and our project is going on in North East. For this project expenses I'm getting the money from head office through my savings account. While submit the return with I.T Department I have to disclose the source of income. I suppose to prove that the amount deposited in my account is for project purpose only. So kindly let me know how to do this?
Whether the company has issue any letter/memo or declaration in this regard? If yes then is there any standard format is available?
Kindly clarify the doubts.
From India, Kolkata
# Anonymous
while filing income tax returns, if you have not any profit from the deposits made to your account, do not

bother unless you are submitting income and expenditure account of your case.

since you r salaried employee, no need to inform this transaction.

but we cant predict future. your case may be selected for scrutiny.

by that time, you may be in the job of the present co. or not

so immediately obtain your account copy from your company which shows,

the deposits made to your account and their acceptance for the expenditure

or cash taken back from you and the final balance pending for each year as on

31st march.

it is sufficient to convince the tax assessing officer in case you are asked information.

but BEWARE, cash deposits more than rs. 5 lacs and more than rs. 10 lacs will be

reported by bankers to the income tax department and the information shall be

processed by the income tax department to catch tax evaders.

never allow your co., at your personal risk, to deposit more than rs. 4 lacs at a single day

and also receive a certirficate that the amount deposited to your acount is for meeting

the expenditure of your site.

also, convice your co. management to open their current account at your site location

and ask them to give cash bearer cheqeues for drawing cash from the account.

regards
From India, Mumbai
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