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Urgent query

28 April 2015

can anyone let me know if a person is doing business of flex priniting and visting card printing.. whether he is liable for audit or not and which itr is to be used for his return filing

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3 Replies

Sonakshi Mangla (Employee) (310 Points)
Replied 28 April 2015

if its revenue from operations exceeds Rs. 1 Cr then tax audit be pe applicable , otherwise not.. and he can file ITR 4.

CA HAYEDAR SHAIKH (Practice ) (622 Points)
Replied 28 April 2015

Dear Rahul,

Section 44AB states that every person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees.

He needs to file ITR 4.

Atul (properietor) (25 Points)
Replied 29 April 2015

I would like to know the tax implication in following case: Case 1 : I am in receipt of Rs 10 Lakh from overseas in my saving account as a business loan. Please let me know how can i utilize this fund as my working capital for starting a new business? Case 2: Recieve money as a gift from my father’s sister residing in foreign country, will it be required to show any document for transfer?