Dear sir,
I have one question on consultancy bookkeeping For eg. Person dealing in Auto Consultancy. They dealing 100 clients in the year, like 30000x100= 3000000/-.and government fees and dealers payment is 29000x100= 2900000/- so overall margin income in this business is 100000/- in this situation how to calculate income tax? (note 3000000 cash deposits in bank and same withdraw in cash).
Note : in GSt showed 100000 is the income and paid gst.
Please any one provide a solution.
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Income tax filling
Replies (3)
GST TURNOVER LIMIT 20 LACS IN F.Y.2018-19 & F.Y.2019-20 LIMIT 40 LACS... YOU ARE COMMISSION PERSON... YOUR INCOME NOT LIABLE IN TAX BECAUSE OF YOU ARE PURCHASE 2900000 & SALE 3000000 NET PROFIT 100000... LIMIT OF F.Y.2018-19 300000...
Can you tell how the auto consultant is raising tax invoice ? I mean break up and descripttion .
How come you receive all in cash and then deposit in bank and thereafter withdrawing almost 97% cash
Bookkeeping is receipt and payment through cash but......
any cash payment to dealer in excess of 10000/- per day is disallowed under ITax.
What is break up of Govt payment and Dealer payment ?
Do you want to know bookkeeping entry or tax implications ?
How come you receive all in cash and then deposit in bank and thereafter withdrawing almost 97% cash
Bookkeeping is receipt and payment through cash but......
any cash payment to dealer in excess of 10000/- per day is disallowed under ITax.
What is break up of Govt payment and Dealer payment ?
Do you want to know bookkeeping entry or tax implications ?
Hi, Vijay savant sir, thanks for your response. In income tax as sole proprietorship how to file the tax returns in this situation, can you explain, if i show 100000 in income tax. Any notice will come against bank transactions. Kindly please advise .
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