Accounting entry procedure bank huge transactions of it returns purpose
This query is : Resolved
06 August 2023
Sir,
A Gst registered dealer annual turnover rs:150 lacs yearly all purchase and sale transaction through on bank mode for f.y 22-23 and bank account statement from 01-04-22 to 31-03-23 huge transactions number of pages 80.
1.cash deposit in bank account huge number of transactions
2.upi sales transactions in bank account huge number of transactions
3.receipts from different debtors huge number of transactions.
Question:
Assessess how the preparation procedure of bank account statement huge number of transactions bifurcation procedure for it returns purpose.
A Gst registered dealer annual turnover rs:150 lacs yearly all purchase and sale transaction through on bank mode for f.y 22-23 and bank account statement from 01-04-22 to 31-03-23 huge transactions number of pages 80.
1.cash deposit in bank account huge number of transactions
2.upi sales transactions in bank account huge number of transactions
3.receipts from different debtors huge number of transactions.
Question:
Assessess how the preparation procedure of bank account statement huge number of transactions bifurcation procedure for it returns purpose.
06 August 2023
If all the transactions are through banking mode you can directly file ITR under presumptive assessment i.e. u/s. 44AD for turnover of Rs. 150 lakhs.
No need to bifurcate the transactions, only verify the reason of cash deposits.
No need to bifurcate the transactions, only verify the reason of cash deposits.
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