13 July 2022
Sir, My client is engaged in providing and supplying of grill , railing etc. He submit ITR 4 for his business ,salary and other sources of income. He received cash INR 10,00,000 from a sources and invested in KVP at Post Office during FY 2021 -22 time to time. This investment is shows in AIS of the IT site. How to manage this Income in ITR? Is I include this income with business income and pay tax on 8% profit or more or declare this income as other sources? If I show this income as other sources then the taxpayer will bear a huge tax amount Experts, Please show me the right way Thanks
14 July 2022
In business cash receipt is not allowed above 10000 from any person, but cash sales upto 2 lakhs per day is permissible. For income from any other sources, you don't have any specific source/cause.
14 July 2022
Where do I put this income in ITR? Can I show this income as business income & pay tax@8% or more profit on turnover or show this income as other sources. I want to declar this amount in ITR as this shows in AIS of the assessee.
CAclubindia
