12 June 2007
A PERSON IS A RETAIL(HARDWARE) SHOP OWNER (SHOP IN RENTED).
OPERATES WITH HIS PESONAL SAVING BANK ACCOUNT. HE DO NOT HAVE A CURRENT ACCOUNT, SO
IS IT NECESSARY TO HAVE A CURRENT ACCOUNT?
HE HAS NOT MAINTAINED ANY SORT OF ACCOUNTS APART FROM BIT OF ROUGH TURNOVER DETAILS. CAN U PLS ADVICE ME THE WAY, TO GO AHEAD WITH THE RETURN FILLING PROCEDURE.
13 June 2007
1) If you have a turnover of less than Rs. 40 Lacs, then you do not require to maintain books of account and you can file your return by estimating your income above 5% of the Gross Estimated Turnover as per Section 44 AF of the Income Tax Act, 1961.
2) There is no requirement to have have a Current Account. You can carry your business with your Saving Account also.
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