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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
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