Difference amount undisclosed income treatment
This query is : Resolved
07 September 2021
Sir,
It assess sales turnover rs:65 lacs sec 44ad profit declared 8 percent rs:5,20,000/ -
.but actual profit amount rs:7 lacs
Question:
Assess difference amount rs:1,80,000/-(rs:7 lacs -5,20,000/- ) treatment undisclosed income in it act.
It assess sales turnover rs:65 lacs sec 44ad profit declared 8 percent rs:5,20,000/ -
.but actual profit amount rs:7 lacs
Question:
Assess difference amount rs:1,80,000/-(rs:7 lacs -5,20,000/- ) treatment undisclosed income in it act.
07 September 2021
No, it will not be considered as undisclosed income under income tax act.
Message likes :
1 times
08 September 2021
Sir, 44AD says presumptive income has to be calculated either 6% for turnover through cheque or 8% for turnover in Cash or the "actual profit" if it is more than presumptive income. In given case if the the extra income got detected by department than it will be treated as undisclosed income.
08 September 2021
It's the benefits given to small traders hence it will not be considered as undisclosed income case laws are there.
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