Actual income is high but showing low income in itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2015
Dear all
my client has one bus and it has been given to APSRTC on monthly rent 1,00,000
APSRTC deduct TDS and remaining amount transfer to my account
i file my IT Return U/s 44AE 5000*12=60000 and other income(income from tailoring)140000
is it correct or not please tell me
if it is selected scrutiny what i have to tell to Assessing Officer because i am showing bus income as 5000P.M but as per my knowledge i am getting income 20000PM from bus (i did not drawn this profit amount from bank)
my client has one bus and it has been given to APSRTC on monthly rent 1,00,000
APSRTC deduct TDS and remaining amount transfer to my account
i file my IT Return U/s 44AE 5000*12=60000 and other income(income from tailoring)140000
is it correct or not please tell me
if it is selected scrutiny what i have to tell to Assessing Officer because i am showing bus income as 5000P.M but as per my knowledge i am getting income 20000PM from bus (i did not drawn this profit amount from bank)
CA R SEETHARAMAN
(Expert)
19 January 2015
It is correct. If selected for scrutiny you can explain the difference as due to presumptive taxation. AO can't make any addition on this account.
Message likes :
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Rupesh Jain
(Expert)
19 January 2015
yes can submit your own explanation.
under presumptive income AO cannot make addition.
under presumptive income AO cannot make addition.
Message likes :
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