How to compute the milk distributor income

Dear Sir's ,

    I had filed Income Tax of  one of my uncle who have a business milk distributor agency ...His total deposit in his accounts approximately more than Rs 6 crore and withdrawal more than Rs 4.5 crores .Like we know this business having income on comiision basis ..like Rs 1 or 1.50 /- per litre .. So i had computed his income like Rs 6.5 total deposit divided by purchased price of per litre of milk Rs 37/- ( 65000000/37=1756756.75 total milk distributed of the year then I multiply with 17,56,756.75 * Rs 1 per litre of milk ...so his  gross revenue comes to Rs 17,56,725,/-  and then filed the return as per  U/s 44AD 8% of total turnover No books of Accounts maintaned ...My Question is that whether I ahd filed  on a right way or its required to be audited this accounts....

 

Replies (1)
It is better to get ur uncle accounts to be audited

You should be in a position to explain the source for the cash deposits
And you also need to obtain confirmation from the parties for the cash deposits

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details