Receipts show in it returns

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B.com
3025 Points Posted on 13 September 2022
A Doctor professional income cash received from patients Rs:20 lacs in f.y.21-22
cash deposit in bank savings account Rs:12 lacs
cash deposit transaction in another savings bank account rs:10 lacs
question:
assessess professional income show in it returns (rs:20 lacs or rs:22 lacs)
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On 13 September 2022 at 19:06 Report
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Quick Summary
This discussion addresses whether to declare total cash received from patients (Rs 20 lacs) or the total cash deposited into bank accounts (Rs 22 lacs) as professional income on IT returns. The consensus is to declare the actual professional income (Rs 20 lacs) and explain the remaining bank deposits as withdrawals from past savings, rather than treating all deposits as income.

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16 Points Posted on 13 September 2022
For Safe side 22 lakh
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On 13 September 2022 at 21:16
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CFO- at NHTF
58280 Points Posted on 13 September 2022
Not all deposits in bank account are considered as income.. Maintain income related workings for ITR purposes..

You may show only 20lacs and balance you may show as deposit out of past savings
4 Reply
On 13 September 2022 at 21:32

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