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satyanarayana

satyanarayana (Querist)
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07 August 2021 Sir,
Client operating Silver trading retail business and having Deposits ₹2450697/- as per his bank statement.(excluding saving bank interest)
Client not maintain account books,
Gross receipts 2450697 *6%=147041.82...is it correct for updated in ITR with out books.

He paid health & life insurance in F. Y 2020-21
Paying Interest on home loan..
Pls give suggestion.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 August 2021 Calculate 8% profit on gross receipts.
Add in gross receipts personal expenses, insurance premiums, housing loan and interest repayments, if not paid out of bank deposits.

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