So under 44AD you showed 8% of 1cr+ turnover as profit to arrive at 10L income? Is the ITR accepted and processed?we showed 44ad at approx 10-11 lakhs and then showed deduction
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
So under 44AD you showed 8% of 1cr+ turnover as profit to arrive at 10L income? Is the ITR accepted and processed?we showed 44ad at approx 10-11 lakhs and then showed deduction
I had zero income in India (went outside India for MBA) but spent 2 lakhs on credit card before I left India. I got compliance after 5 years.What if you don't have income and you use your cc for friends ?
You got compliance in which year?? Were they asking for proof of spend like the purchase bill details or they were simply asking about source of income? What did you tell them about the later?I had zero income in India (went outside India for MBA) but spent 2 lakhs on credit card before I left India. I got compliance after 5 years.
Total credit card spend that year was around 2.5 lakhs.
I replied back online with purchase bill details and why I had zero income (employee to student). Since they did not close for over 2 years, I had to go to IT office 5 or 6 times to close it. If I had known about this hassle, I would have paid in debit or cash.
I gave them both bills and previous income (source). They did not ask anything but closing it required time. It was in 2016.You got compliance in which year?? Were they asking for proof of spend like the purchase bill details or they were simply asking about source of income? What did you tell them about the later?
Maybe it was intl (forex) tnx and there might have been some forex limits at that time, that's why they asked, otherwise I think for domestic tnxs of this much value, you wouldn't have received anythingI gave them both bills and previous income (source). They did not ask anything but closing it required time. It was in 2016.
I never took the card outside India. Closed it before leaving. All transactions were in India but transaction value was 2 lakhs (1 transaction).Maybe it was intl (forex) tnx and there might have been some forex limits at that time, that's why they asked, otherwise I think for domestic tnxs of this much value, you wouldn't have received anything
44ad says 8% is minimum you should show actual profit amount that came to 10lSo under 44AD you showed 8% of 1cr+ turnover as profit to arrive at 10L income? Is the ITR accepted and processed?
Payments on credit card are only reported. paytm, mobikwick or any normal banking receipt/ payments are not reported directly but anyway its a digital transaction so tracking it in case of scrutiny assessment should not be a problem for officer.Other than banks, payments services (like paytm, mobikwik, aeronpay) also gives info of 10L + spendings to Income tax department?
@CA Karan Agarwal @CA Afroz @CA Harish @CA Vivek Bukka
Thanks
Itne CA se ek sath consultation bhai🤣 They are going to charge you good 🤣Other than banks, payments services (like paytm, mobikwik, aeronpay) also gives info of 10L + spendings to Income tax department?
@CA Karan Agarwal @CA Afroz @CA Harish @CA Vivek Bukka
Thanks
Ye service start nai ki hai. But lag raha hai scope bohot hai😂Itne CA se ek sath consultation bhai🤣 They are going to charge you good 🤣
Thanks 😅Search the AIS thread. There you'll have more scope as sab ghabraye huye hain jinhe ais ka notice aya hai🤣
I too need that..
You can reach out to me in DM.I too need that..
Karan Sir.. if you can help me out
Search the AIS thread. There you'll have more scope as sab ghabraye huye hain jinhe ais ka notice aya hai🤣
Yes that's bare minimum.@CA Karan Agarwal We just need to make sure all the income reported in AIS is tax paid? So that there is no mismatch?