income tax - i have 1 lakh rupee in my account
1 year ago
sir i have 1 lakh rupee in my account if i send this amount to my friend he will return it as 1 lakh and 4 thousand rupee as interest and i have done like this for 100 times so finally in my account the total amount will be 5 lakhs (1lakh +(4000*100 times as profit)) so how the income tax will be calculated they will calculate it only for my profit or for the total transaction amount(1 lakh *100 times = 1 crore)
A.Dear Sir,
The Income Tax will be calculated only on your profit and not on total transaction. You may approach chartered accountant for more clarification since it is financial transaction and you must take legal advise from him.
The Income Tax will be calculated only on your profit and not on total transaction. You may approach chartered accountant for more clarification since it is financial transaction and you must take legal advise from him.
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A.Dear Client,
Income taxes are based on the gross profit that your business earns after subtracting operating expenses from gross revenue.
Income taxes are based on the gross profit that your business earns after subtracting operating expenses from gross revenue.
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