Income tax query

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This query concerns the correct reporting of professional income for the financial year 2019-20. The user received Rs 10 lakh in gross receipts via cash and also deposited Rs 12 lakh in cash into their bank account, flagged under SFT code 004. The core question is whether reporting Rs 10 lakh as gross income in the IT return is accurate, especially in light of the cash deposit. The provided reply states the return was filed correctly and no further action is needed.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

23 January 2021 Sir,
Assess sec 44ada provision I.t return filer professional income gross receipts Rs:10 lacs cash mode received (fees collection from patients )in f.y.19-20.
-Sft code :004 cash deposit in bank account
Name of the SFT filer:sbi
Amount deposit:12 lacs.
Question:
Assess Gross receipts income show Rs:10 lacs show in I.t. return in f.y.19-20 is correct or not correct.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

23 January 2021 Please clearly write your query, so you will get the perfect reply

Message likes : 1 times

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

23 January 2021 Sir,assess gross income Rs:10 lacs fees collection cash mode receipts or Cash deposit in bank Rs:12 lacs -sft -004 show in I.t. return

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

23 January 2021 Return is correctly filed. Nothing to do

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