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deposit more than 1000000
if I deposited more than 1000000 in a financial year... which form is to be filled and how much income is to be showed....
Replies (7)
Clarify the source of Rs. 10 lakhs cash?
from transport
1. It does not matter how much you have deposited, the liability towards tax is based on your income.
2. Please refer sec 44AE for presumptive taxation in case you are engaged in the transportation of goods carriage. Otherwise, you can also show profit under regular scheme.
Please correct me if the above solution has an alternative view.
File ITR 4 for any eligible business otherwise go for ITR 3.
Profit margin as per actual or as per books.....
Even though IT department does not insists audited accounts for such case, will it beneficial to have audited accounts where receipts are total 10 lakhs?
Not at all...... (Assuming proper records of bills & cash receipts maintained)
Thank u... all
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