How to calculate income tax...?

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S ELAVARASI (Querist)

30 January 2018 Dear Sir / Madam.,

Thanks in Advance... We are received a bank statment from a Building contractor... His statments...

Total Bank Deposits (01/04/2016 to 31/03/2017) - Rs. 83,00,000...

The structure of deposits like

From Sons - Rs. 315,700

From Jewell Loan - Rs. 789,000

Cash Deposits (It's withdrawal and Deposits) - Rs. 580,000

Some of received from Friends and refunded* - Rs. 475,000 = Total Rs. 21,59,700 /-

(Total Deposits Rs. 83,00,000 - Rs. 21,59,700 = Rs. 61,40,300)

The Actual Total Income is Rs. 61,40,300.... As per my calculation (with the contractor) I calculate the income Rs. 61,40,300.

Is this correct or Not...?

Please give your valuable suggestions...

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

30 January 2018 If total business receipts 6140300/- after excluding loans and deposits you can calculate deemed income @8%, also Cross check Billed amount and 26AS To declare Business income .

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S ELAVARASI

S ELAVARASI (Querist)

30 January 2018 Thank You for the reply Sir..

Total credit Rs. 83 Lakhs as per statement include Cash deposit, Jewell loan(Hypothecate), From Son and Friends..

So, Which amount i'll taken as Business incomes/Receipts...?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

31 January 2018 If cash deposit is not pertaining to Revenue you can exclude all Declaration of Business income Rs.61,40,300/- but other loan and deposits to be Justified with respect to credit with proper records.

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RAJA P M

RAJA P M (Expert)

31 January 2018 Yes... I agreed to Mr KAVIRAJA ADDANGADI Sir.,

You ll consider Rs. 61lakhs is Total receipts of income for their Contractor. Also check the Contract bills and Consider the bill values as Receipts...
Bcoz, the bank receipts can any PY balances will be received. So, Consider the details with contractor...

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