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Turnover query

27 September 2017

Hi, I am running a propreitor business and last year I have started out Financial Incusion job (Domestic Money transfer) and therefor my turnover was 5cr during last year in cash, but after demonetization, I have to deposit those cash into my current account and then I have to transfer it to RBI licenced company. Now my question is : 1.How can I show my 5cr turnover in this year filing as my CA is saying that I have to pa 18% service tax on turnover if I show this cash turnover in filing 2.As from this year, I have to deposit those funds in my account first, Do I have to face problem in future? Note: My Gross profit in Financial Incusion business is 0.2% of total turnover i.e. 5cr

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 27 September 2017

The suggession of your CA is correct. Moreover you should get your accounts audited from certified CA, to safeguard yourself from any future complications......

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Ai Systems (6 Points)
Replied 29 September 2017

Then how those FI company including banks shows these transactions as turnover and do not get charged? My major problem is I am doing these transactions from my current account as cash is not allowed now,

I have already discussed this thing with more than 10-12 CA, but all have same answer, they says they do not have much more experience in field of Financial Incusion, and suggest me to make it lower otherwise I will get served with notice from ED.