Income tax return

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493 Points Posted on 10 September 2020
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.
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On 10 September 2020 at 00:58 Report
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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.

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Tax and Business Consultant
11616 Points Posted on 10 September 2020
Legally, you can't do that.........
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On 10 September 2020 at 03:09
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493 Points Posted on 10 September 2020
Sir please can you share your WhatsApp no with me
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On 10 September 2020 at 10:30
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CHARTERED ACCOUNTANT
1190 Points Posted on 12 September 2020

You can show but be ready to explain the turnover in cash in case AO scrutinized u/s 68. 

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On 12 September 2020 at 12:57
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493 Points Posted on 12 September 2020
Sir what type of scrutiny will come as I'm not preparing any books of account and filing on presumptive basis
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On 12 September 2020 at 14:43
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Chartered Accountant
412 Points Posted on 12 September 2020

department can still ask for proof of business even when you are paying tax under presumptive basis

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On 12 September 2020 at 22:50
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493 Points Posted on 13 September 2020
I'm discussing about when income is less than 5lakh
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On 13 September 2020 at 00:16

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