Menu
Asessee having business of mobile recharge
how to declare income of an assessee having business of mobile recharge and money Transfer having deposits of more than 5 cr in his account but is not owned by him ....?
Replies (5)
U/S 44AD all types of business except leasing pat tax on presumptive basis but Turnover below Rs. 2 crores minimum taxable income at 8% if one shows below 8% say 5% return should be accompanied by Audit Report by full time practicing CA in form 3CD and commission earned on money transfer should be included in turnover
So we just need to show his commission income and nothing to do about bank deposits...
Deposits are not belongs to others it's of money transfer business also
You can show your commission income and file return under section 44AD and ignore amount Deposit in bank. its my openion
Thank u so much Hari Sir and Deepak Sir😊
Recent Topics :
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
Related Topics :
CAclubindia
