Hi,
I am running a propreitor business and last year I have started out Financial Incusion job (Domestic Money transfer) and therefor my turnover was 5cr during last year in cash, but after demonetization, I have to deposit those cash into my current account and then I have to transfer it to RBI licenced company. Now my question is :
1.How can I show my 5cr turnover in this year filing as my CA is saying that I have to pa 18% service tax on turnover if I show this cash turnover in filing
2.As from this year, I have to deposit those funds in my account first, Do I have to face problem in future?
Note: My Gross profit in Financial Incusion business is 0.2% of total turnover i.e. 5cr
CAclubindia
