How to file income tax return of ATM franchisee business where owner cash withdrawls from s/b a/c

HOW TO FILE INCOME TAX RETURN OF ATM FRANCHISEE BUSINESS WHERE OWNER CASH WITHDRAWLS  FROM HIS SAVING ACCOUNT AND CASH DEPOSIT TO ATM MACHINE AND RECEIVES THE COMMISSION ON PER TXN.HOW TO SHOW CASH WITHDRAWLS IN RETURN.

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Quick Summary
This discussion explains how to file an income tax return for an ATM franchisee business, specifically addressing owner cash withdrawals from a savings account. It clarifies that the commission earned from ATM transactions is the taxable income, not the cash deposited into the ATM. The cash withdrawals should be treated as capital introduced or cash in hand on the balance sheet. The Profit & Loss account should reflect commission as revenue, with allowable business expenses deducted to arrive at net profit.

ITR-3 is used for the ATM cash loading/franchise business  since the income is in the nature of commission and not eligible for presumptive taxation under ITR-4.

The taxable income is only the commission received from the bank which is credited to your account. The cash withdrawn from your savings account and deposited into the ATM is not income but merely circulation of your own funds and should be shown in the balance sheet as capital introduced(Liability side) or cash in hand(Asset Side).

In the Profit & Loss Account the revenue will be the commission from ATM transactions and you can claim expenses such as rent, electricity, internet, maintenance, bank charges, and depreciation on the ATM machine (if owned). After deducting these expenses, the net profit will represent your taxable business income.

sir pls ellobrate paragraph 2 again.

let say client cash withdrawl from his saving account is 2 cr and deposited in to atm machine.then how to fill the balance sheet.

Presumptive taxation applies only in case of source, quantum and nature of income.

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