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I.t.r

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(Querist)
26 May 2012 DEAR eXPERTS,

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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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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Mukesh Goyal

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Mukesh Goyal (Expert)
27 May 2012 Yes agreed with Mr Bafna !!!!

Thanks & Regards
CACS Mukesh Goyal
+91-99105-30973
MUKESHGOYAL29@GMAIL.com
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Sankar Chakraborty

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Sankar Chakraborty (Querist)
28 May 2012 thanks paras sir
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