How a small shopkeeper can file tax return

ITR 11456 views 10 replies

Shankar Soni

Others

24 Points Joined February 2014

Hi Forum members,

My brother is running a small mobile reparing shop for more than 3 years in a small town and his total income is arround 18K per month. I wanted to encurrage him to pay tax (if any) and file the return, but I heared that in order to do so, the person will have to maintain few documents, such as expense and income.

But as I said the shop is very small and he doesn't maintain any kind of document like receipts book so request you to give you valuable suggestions so that we can arrange the documents and we can file return in July 2014.

Please also suggest the documents required if we wanted to file the reteurn of previous year.

Thanks,

Shankar Soni

Replies (10)

CA CS Chirag

Practicing CA

834 Points Joined February 2012

you can file return u/s 44AD no need to maintain all books of account

CA HIRAL PATEL

CHARTERED ACCOUNTANT

536 Points Joined August 2010

but i think for 44AD there are some specific business like civil construction etc..............is shop keeper is include i don't think...........................................................................please check....

for your answer -shop keeper can reasonably maintain daily receipt & payment but not full details............................just on the basis he can explain the figure of income tax return......

CA CS Chirag

Practicing CA

834 Points Joined February 2012

1.You dont have to maintain books of account and no need to get any audit done
2. You dont have to pay Advance tax as per the due dates, ( you can pay self assessement tax at once at year end)

1. It is applicable only when your turnover from business is less than Rs 1 crore
2. It is only applicable to Individual, HUF, Partnership firm only . This scheme is not available to Companies and LLPs
3. This section cannot be applied when you do the following business

a. Plying of goods carriage

b. Hiring of goods carriage

c. Leasing of goods carriage

Other than these three business, Sec 44AD scheme can be applied for any business

CA HIRAL PATEL

CHARTERED ACCOUNTANT

536 Points Joined August 2010

yes.................i hve referred the provision...........................you are right........................one of the good benificiary section of income tax.........for assessee's point of view

CA Ankur Gupta (LLB Hons.)

Tax consultant

56 Points Joined February 2010

Shankar.....the specified businesses you are talking about.....is under sec.35AD... Under 44AD u can file such return....and no need to maintain any books of accounts if u pay the minimum rax prescribed under sec.44AD

dileepsalecha

student

33 Points Joined October 2011

Code 0202 trading retailers

sanchit jain

self

58 Points Joined April 2012

U can alternativy go for section 44 af

SUMIT

CS PRACTISE

22 Points Joined December 2016

if a shopkeeper dt have a VAT no...pay TAX for 44AD...??

anup

accountant

26 Points Joined April 2009

Dear sir,

one of my friend had a salary income 252984 and he got the mother tea stall payment of Rs 84866.00 through cheque on his account, so please suggest me which return form to be filed