Durgesh 01 August 2015
If somebody comes to me with a credit card and swipes the same on my counter against the product which he has not actually purchased and in return to that I have gave him back the amount in his bank account through NEFT transfer after deducting 5% of the total amount reflecting as refund of product in my book of accounts.
Is this legal ?
What are the legal impacts for same?
Please note: I am a garment merchant
Akash Kapoor (Owner at Shramsamadhan India) 26 October 2016
Firstly it is grossly illegal. The impact is enormous and can be very problematic for you. Income Tax Act will treat it as a Entry and your entire books will be cancelled and you will be subjected to Best Judgment Assessment us 144.. The tax will be made u/s 66 that is flat 30% + cess. No deduction and no minimum exemption of 250000. Also your books may be subjected to search and then you have to face scrutiny for Six previous years.
Under RBI Act you are commiting a crime hence there may be multi facet complications.
See for more https://www.shramsamadhan.com/
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