23 July 2017
Me and my friend have a Internet Cafe so we always need to do so much of online payments for customers . My friend is not always able to go bank to deposite money in his account so i take cash from him put it my account and then i transfer it to him by IMPS. I have never looked at my credit transactions when i looked i found the credit receipts are more than 45 lacks now do i need to pay tax on it even that money does not belongs to me. Only about 22 lacks credit transactions belongs to me all other money only belong to my friend
Please help me CA said that i need to file ITR on turnover of rs 45 lacs so i will need to pay about 25000 tax even i havent earned taxable income.
If you can help me please message me on 8087996798 (Whatsapp)
23 July 2017
I think you've to show around 45 Lacs as your turnover since you've deposited that much amount of cash in your account. But You can calculate your income on presumptive Basis U/s 44AD
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