Income tax return query

Pranesh (accountant) (34 Points)

31 October 2015  

2 years back brother started Trading Business on small scale in Aurangabad (Maharashtra)  he had not registred for VAT/TIN and not used current account  for transations. All transation done in his personal saving account. Now for loan purpose he needs IT Return, my query is as follow

1) how can he show this income from business (approx 3 Lac PA)

2) Do he need to register for VAT

3) What examptions he can use to reduce tax, if any ??

 

Thanks in advance

 

Pranesh