banner_ad

Filling Return

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.

THANKS
Profile Image

Pankaj Jain

Profile Image

Pankaj Jain (Expert)
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.
Profile Image

Yadav Santosh

Profile Image

Yadav Santosh (Querist)
16 June 2007 thks a lot
Profile Image

CMA Ankur Pandey

Profile Image

CMA Ankur Pandey (Expert)
27 November 2009 AGREED WITH PANKAJ
Profile Image

CS RAJESH C.CHOUDHARY

Profile Image

CS RAJESH C.CHOUDHARY (Expert)
02 April 2013 Completely Agree with Pankaj
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details