Tax pay on bank closing balance

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Kollipara Sundaraiah (Querist)
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23 January 2023 Sir,
It assessess all receipts and payments transactions through on bank online mode at the end of finical year all transactions after bank account closing balance rs:7 lacs
Question:
Assessess tax pay on bank account closing balance.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 January 2023 No. Other factors like sundry creditors, loans etc. may change the profit margin.
Income tax payment relies over net profit margin, if books maintained. Or over presumptive assessment based on turnover. All these factors need to be checked.

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