imarticus

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Regarding ITR business income

This query is : Resolved 

24 September 2022 A person has shown 16 lakh turnover and Rs.4 lakh as business income u/s 44ad. In real he has no income from business. what are the implications he can face?

24 September 2022 None..

29 September 2022 why what is the reason? i just want to know for knowledge

29 September 2022 ITD cannot ask for the proof of profit margin (provided it is declared over and above specified limit), when income declared u/s. 44AD of the act...

30 September 2022 Ok...but cash can not be received over and above 2 lakhs and in bank there is nothing...in future ITD can raise a question how sale amount from debtors is recovered? Although profit is shown below taxable limit and hence no tax whether justification of recovery of sale amount can be asked?

30 September 2022 In the said case aggregate income is above taxable limit. ITO has right to ask for justification of sales figure. & as such the recovery should be through banking mode, unless its cash sales or below the specified limit.

07 October 2022 Yes sir exactly this is my point that in future query can be raised...so i advised my client not to show such a huge sale if nothing is there..am i right in my way?

07 October 2022 Correct. Whatever is real, that needs to be declared, and nothing fabricated...



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


GST Course
Zoho
caclubindia books caclubindia books


Answer Query