How to Report income in this scenario

Hello i am new to this forum, 

i have a query , i do retailing business and my annual business turnover is 20lakhs and i want to file itr under presumptive taxation next year.

so if my business total turnover is 20lakhs , out of these 20lakhs i get 8lakhs through bank transaction (online) and 12lakhs cash , and i have a profit margin of 40% , it means my net income is 8lakhs. So the rest 12 lakhs are the payment i have to make to my supplier for the goods he supplied to me on which i made my net income of 8lakhs, and i paid him this 12lakhs through cash because of ease.

And i will report my actual net profit which is 8lakhs but the main question is what should i fill in below columns which it dept asks:

1)Mention how much turnover you recevied through online transactions, 

2)Mention how much turnover you recevied through cash transactions,

3)Mention income earned from online transactions ,

4)Mention income earned from cash transactions 

 

i know the answer of first two that i received 8lakhs online and 12lakhs through cash, but what to fill in 3rd and 4th , because my income from cash is zero because i spent all 12lakhs in payment to supplier so my net profit is zero for cash transactions , while for online transactions i have all 8lakhs lying in my bank account , so there net profit margin is coming 100%

 

what to do in this scenario, please guide....

(i know its a long post , sorry for the same)

Replies (4)
Quick Summary
This discussion addresses a common query for retailers using presumptive taxation. The user has a £20 lakh annual turnover, with £8 lakh received online and £12 lakh in cash. They have a 40% profit margin, resulting in a net income of £8 lakh, with the £12 lakh cash portion paid to suppliers. The core question is how to accurately report turnover and income from cash versus online transactions, especially when cash payments to suppliers offset the cash turnover.

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@ ICT,

Well...

But, Your under is not correct...
Supplier's payment is not expenses...


Report what Amount You shown net profit.

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