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26 AS IN SFT 003 QUERY

Vijay Baraiya (Advocate) (271 Points)

28 July 2020

Mai eak Clint ka it return har sal 4 bhar raha hu but fy 2019 20 mai 26 as ke under cash deposit SFT 003 mai amount show ho raha hai to inka kya karna padega ?

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9 Replies

annu Goyal (1102 Points)
Replied 28 July 2020

Your query is not clear

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 28 July 2020

Are you filing Form ITR 4 of client every year ??
You was shown business income in last years ?

1 Like

Vijay Baraiya (Advocate) (271 Points)
Replied 29 July 2020

Yes sagar

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 29 July 2020

If in 26AS, it's show cash deposit SFT 003 , that it's simply means that you deposited that much Cash in your current account.

If you are showing your Turnover in ITR 4 more than that amount, than there is no problem.

ITR 4 me tum turnover..... jo cash deposit dikh raha he 26AS me,..usse jyada dikha rahe ho to koe problem nahi he...

Vijay Baraiya (Advocate) (271 Points)
Replied 29 July 2020

But maine GST return mai kam dikhaya hai

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 29 July 2020

Total turnover = cheque transaction + that cash transactions
You have to disclose that cheque transaction including that cash transactions matched with your Turnover in GST and income tax.

1 Like

Vijay Baraiya (Advocate) (271 Points)
Replied 29 July 2020

Income tax return mai kam dikhaye to kya hoga sagar ji ?

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 29 July 2020

To notice aa sakata he...
to explain source of income/deposit kaha se kiya itna cash.... because there is mismatch.
U have to explain that this deposit is from last year sale, or from current year sale...ect.