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Bhavika Tourani 27 July 2021

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 ....?

5 Replies

Hari Beldona (ACA) 27 July 2021

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

1 Like

Bhavika Tourani 27 July 2021

So we just need to show his commission income and nothing to do about bank deposits...

Hari Beldona (ACA) 27 July 2021

Deposits are not belongs to others it's of money transfer business also

1 Like

Deepak Kumar 27 July 2021

You can show your commission income and file return under section 44AD and ignore amount Deposit in bank. its my openion

1 Like

Bhavika Tourani 28 July 2021

Thank u so much Hari Sir and Deepak Sir😊

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