How to file income tax return

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kiran kumar jorige (Querist)
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02 September 2016 sir,
just assume I have a business (provision shop) i didn't file any now income tax return till now. Now i am decided to file income tax return ..so today my business have worth of Rs.1000000/- (investment) approxmetly...So what i do now..My thinkig is if i filled my return this is return may be converted into IDS or not ...pls suggest me ..

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 you try to go through section 44AD......see if it is applicable to you..... if your business falls under the definition of "eligible business" as per section 44AD, then you can opt for the same......and then you dont have to worry about IDS

kiran kumar jorige

kiran kumar jorige (Querist)
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02 September 2016 thank you sir thank you very much for responding my query ...in case my turnover exceeds one crore during this is year now what i do sir

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 this year means financial year 2016-17? right? In that case you can go for tax audit, next year

kiran kumar jorige

kiran kumar jorige (Querist)
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02 September 2016 thank you sir ..if my turnover not exceeding 1 crore during Fiancial year 2015-16 and I want to file ITR-4, then my capital (assume) is 10 lakhs wht will be the consequences ..i mean IDS...

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2016 please try to tell the fats and avoid all such "IFS and BUTS" ok?
1 million is not a big deal to have PANICENESS about ids.....

kiran kumar jorige

kiran kumar jorige (Querist)
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06 September 2016 Thank you sir...thank you so much for responding my queries and your valuable suggetions

Amol S Joglekar

Amol S Joglekar (Expert)
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06 September 2016 you are most welcome.

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