Hi there, i have a business of shoes and accessories and spend 225000 on my employees but honestly speaking i did not earn more than 15000 per month, however my long term planning is to make it a big brand, for now i do not know what to say to income tax department if they ask that where i got 225000 per month in case i m earning only 15000 per month, as of now i do not have bill as i sell shoes of less than 300 rupees, plz tell me what to do now plz plz..... My earnings are 180000 yearly, and now if i show them 8% of profit presumtion then wouldnt income tax department ask me about the salary of the employees, that is 225000*12= 2700000, and i would deduct tds from their salary then even department will ask me for this however i would pay the TDS for sure, but wouldnt it raise new points... so that they can bring me under scanner.
CAclubindia
