Income by cash & invested in KVP
This query is : Resolved
13 July 2022
Sir,
My client is engaged in providing and supplying of grill , railing etc. He submit ITR 4 for his business ,salary and other sources of income. He received cash INR 10,00,000 from a sources and invested in KVP at Post Office during FY 2021 -22 time to time. This investment is shows in AIS of the IT site.
How to manage this Income in ITR? Is I include this income with business income and pay tax on 8% profit or more or declare this income as other sources? If I show this income as other sources then the taxpayer will bear a huge tax amount Experts, Please show me the right way Thanks
My client is engaged in providing and supplying of grill , railing etc. He submit ITR 4 for his business ,salary and other sources of income. He received cash INR 10,00,000 from a sources and invested in KVP at Post Office during FY 2021 -22 time to time. This investment is shows in AIS of the IT site.
How to manage this Income in ITR? Is I include this income with business income and pay tax on 8% profit or more or declare this income as other sources? If I show this income as other sources then the taxpayer will bear a huge tax amount Experts, Please show me the right way Thanks
14 July 2022
What was the cause for the receipt of the cash amount?
14 July 2022
He receives cash from any known person, but this person does not want to declar this gift , not file any return
14 July 2022
In business cash receipt is not allowed above 10000 from any person, but cash sales upto 2 lakhs per day is permissible. For income from any other sources, you don't have any specific source/cause.
14 July 2022
Where do I put this income in ITR? Can I show this income as business income & pay tax@8% or more profit on turnover or show this income as other sources. I want to declar this amount in ITR as this shows in AIS of the assessee.
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