Menu
Income tax return
Friends I don't have any business but I want to file my ITR-4 on presumptive basis and want to show income around 4-5 lakh. Can I show turnover of Rs 20 lakh in 44AD in cash and take 20% to 25% profit on it.
Replies (6)
Legally, you can't do that.........
Sir please can you share your WhatsApp no with me
You can show but be ready to explain the turnover in cash in case AO scrutinized u/s 68.
Sir what type of scrutiny will come as I'm not preparing any books of account and filing on presumptive basis
department can still ask for proof of business even when you are paying tax under presumptive basis
I'm discussing about when income is less than 5lakh
Recent Threads
- Luxury premium car - Lease or Loan
- Income tax act 40 A (3)
- Transmission of deceased's shares in physical form
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
Related Threads
CAclubindia
