My frnd has rced Consultancy fees Rs.3.85 Laks thrw Cheque & Rs.3.1 Lakh in cash , ITR 3 & No A/c ca
This query is : Resolved
20 July 2023
Dear Sir,
My friend has received Rs.3.85 Lakhs in Cheque (TDS) deducted, 3.10 Lakhs in cash
Shall he file ITR - 3 & show receipts in No account case, declaring Exp @ 40%.
Please advise
My friend has received Rs.3.85 Lakhs in Cheque (TDS) deducted, 3.10 Lakhs in cash
Shall he file ITR - 3 & show receipts in No account case, declaring Exp @ 40%.
Please advise
20 July 2023
Depends upon the services offered. Whether the services offered are as specified under Sec. 44AA(1) IT act?
20 July 2023
Dear Sir
He serve in Business and Management consultancy service
This year he received in cash and cheque.
Previously he has taken all amount in cheque.Till last year by ignorance he shown in Income from other sources ( around 3.5 laks each year).No inc shown in business head.
But this year he has taken in cash and cheque.
Please advise whether he can show receipts in No Accounts case in Income from Profession , exp @ 40 %
He serve in Business and Management consultancy service
This year he received in cash and cheque.
Previously he has taken all amount in cheque.Till last year by ignorance he shown in Income from other sources ( around 3.5 laks each year).No inc shown in business head.
But this year he has taken in cash and cheque.
Please advise whether he can show receipts in No Accounts case in Income from Profession , exp @ 40 %
20 July 2023
How come there was no TDS deduction last year on his professional services?
If deducted under which section?
How much TDs has been deducted this year? Under which section?
If deducted under which section?
How much TDs has been deducted this year? Under which section?
20 July 2023
Sir
TDS deducted @ 10% u/s 194 jb for last year for cheque receipt , tds deducted Rs.38K
For previous years tds deducted u/s 194 j @ 10%.
TDS deducted @ 10% u/s 194 jb for last year for cheque receipt , tds deducted Rs.38K
For previous years tds deducted u/s 194 j @ 10%.
20 July 2023
For the services provided by the assessee, minimum 50% profit margin must be declared otherwise he will be required to audit his books of account.
20 July 2023
Thank you so much for reply sir
20 July 2023
You are welcome.
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