44 AD-ITR
This query is : Resolved
satyanarayana
(Querist)
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.
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
(Expert)
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.
Add in gross receipts personal expenses, insurance premiums, housing loan and interest repayments, if not paid out of bank deposits.
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