The nature of my work is that I am generating income in cash of an average Rs 30,000-Rs40,000 every month by liasioning etc. I have began this since 2 months and expect to continue well over the few years.
Please let me know how to file my return accordingly as such since I do not issue any bills or such to people who pay me for my services in cash. Someone suggested me to open a current account in my name and start depositing this cash in same after my expenses to show it as income.
Suppose my income is less than 5 Lac in similar fashion every year then how should I show it in my books to be maintained? Which ITR form is to be filed?
I am very confused, please guide best manner to account for this income in legitimate manner and to prepare my return at end of year accordingly.
CAclubindia
