Naresh Khanduri (301 Points)
17 July 2019
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 18 July 2019
Clarify the source of Rs. 10 lakhs cash?
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 18 July 2019
1. It does not matter how much you have deposited, the liability towards tax is based on your income.
2. Please refer sec 44AE for presumptive taxation in case you are engaged in the transportation of goods carriage. Otherwise, you can also show profit under regular scheme.
Please correct me if the above solution has an alternative view.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 18 July 2019
File ITR 4 for any eligible business otherwise go for ITR 3.
Profit margin as per actual or as per books.....
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 18 July 2019
Even though IT department does not insists audited accounts for such case, will it beneficial to have audited accounts where receipts are total 10 lakhs?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 18 July 2019
Not at all...... (Assuming proper records of bills & cash receipts maintained)
CAclubindia
