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IT Return
Sir one my friend running business as a vegetables merchant. His yearly turnover in bank 1900000 lakhs. He want to file IT return. Not issue any any notice from IT department. He want to applying loan. He want 600000 loan how much he will be pay tax and how much show profit. Can he file 44AD. Can he show turnover more than the bank. His turnover in bank 19laks. Can he show 32 lakhs gross receipts in IT return. Please clarify my doubts and easy way understand to me. Thank you so much
Replies (2)
* Yes... He can file ITR 4 u/s 44ad.
** Yes... He can Show Turn Over above Bank Receipts.
**Profit will be shown 8 percent or above 8 percent u/s 44ad.
** Yes... He can Show Turn Over above Bank Receipts.
**Profit will be shown 8 percent or above 8 percent u/s 44ad.
please do check the customer's repayment capacity before faking the turnover, profit etc. Such advisory done to achieve short term benefits often end up hurting in long term
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