Filings of return
This query is : Resolved
18 November 2011
My uncle has retail business [Kirana shop] frm last 2 yrs. He has nt filed his returns. So wht is d procedure n under which sec n wht all documents r reqd for it return n related his shop? he has no other income.
Evn he has 2 purchase a car of abt 6lakhs on loan. dealer is asking 4 it returns of 2yrs. Is there any criteria dat return shd be with this much amt of tax ? can he buy car in cash?
Evn he has 2 purchase a car of abt 6lakhs on loan. dealer is asking 4 it returns of 2yrs. Is there any criteria dat return shd be with this much amt of tax ? can he buy car in cash?
Ravindra Srinivasa
(Expert)
20 November 2011
Your uncle can file his return of income if his income is above taxable minimum for that financial year. If he has not maintained any books of accounts, a minimum of 8% of his turnover shall be declared as Net Profit and shall be paid tax accordingly after he claiming the eligible deductions under chapter VIA. Your uncle can buy car in cash or through cheque, but provided his source of income is explainable and tax paid on it.
Dhirajlal Rambhia
(Expert)
16 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Urd purchase entry in tally prime
- GSTR-9C filing
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
