Am i liable to pay tax that doesn't belongs me
This query is : Open
Shubham Sakharkar
(Querist)
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)
Thank you.
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)
Thank you.
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
24 July 2017
Dear Shubham.,
Your Internet Cafe is register as Partnership firm or not....? And you have any receipts for above said income....?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Capital gains in IT returns
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Intimation under section 245
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
