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itr query ?
dear sir. m a vry small business man. m don't maintain acount. I deposit 10 lakh amount in bank in cash in separate transaction in f.y 2018-19. so what profit or sale we show in itr. and what itr i file?tell me sir
Replies (5)
Is that your aggregate savings or any payments were made out of the cash deposits?
If payments were made from it, then it could be your turnover part.
You can file ITR 4 provided you have aggregate cash sales amount during year.
don't knw about sale bcoz nt mntron accounts
Get some estimates of cash bills paid, and as such aggregate turnover can be arrived at.
Based on the turnover figure, you can file ITR4 by declaring minimum 8% profit margin.
can I file nill return on estimate bases ?
Actual tax liability can be zero, if no other income; but the income has to be assessed first.
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