FOR E-FILING FOR THE YEAR F.Y. 11-12, A INDIVIDUAL WHO HAS A PROPRIETORSHIP COMPANY WHICH I.T.R. IS TO BE USED ? FOR THE FIRST TIME WHAT IS THE FORMALITIES TO BE DONE ? PLEASE HELP
27 May 2012
The return will be filed in the name and PAN of the Individual in ITR 4S. He has to show Presumptive Income @ 8% of turnover if turnover of his business is less than Rs. 60.00 Lacs. . If he opts to get his accounts audited, he may show even lesser profit than as said above. ITR 4 will be applicable. .
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