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)
Quick Summary
This discussion explores filing an ITR-4 using the presumptive income scheme, specifically for individuals with no formal business wanting to declare income between 4-5 lakh. Participants question the legality and implications of showing a Rs 20 lakh cash turnover under Section 44AD and claiming 20-25% profit. While possible, it's advised to be prepared for scrutiny regarding the cash turnover, even when not maintaining detailed accounts.

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

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