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Accounts and return

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2013 One of Our client is running business is running business of "PAN SHOP". now as he might not have any accounts maintained, How should i go for Income Tax Return in the case. sales might be around 9.00 to 10.00 lac and this would be his first return.
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CA Parul Saxena

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CA Parul Saxena (Expert)
12 March 2013 Although he has not maintained the accounts but definitely he has certain records for his own purpose for the computation of Income...you can use that for filing ITR and computing tax and mention in the ITR-4 profit and loss annexure column no.51...No account case...
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
12 March 2013 Profits can be computed on presumptive basis as well u/s 44AD.
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