Income from kirana store

Save Share

This query is : Resolved

Sumit Agarwal (Querist)

12 February 2013 Suppose One of my client friend is doing business of kiryana stores in his locality & his sales is around 25lac Per annum.My question is that,if he dont maintain any books of accounts then how to file his income tax return .his income is near about 10-12% of his gross receipts.It is to be cleared that he has not furnished any return of income before.Now he want to take loan from bank,and bank is asking for income tax return of last three years.Plz help me.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

12 February 2013
.
You can file his return U/s 44AD under the presumptive scheme for the AY 2011-12 and AY 2012-13.
.
In this matter you should take fees first.
.

Message likes : 1 times

Sumit Agarwal

Sumit Agarwal (Querist)

14 February 2013 Sir,
that client is having annual turnover of around Rs.3000000/-.so is it necessary to keep books under any other law Like vat etc.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 February 2013 Under VAT generally on the purchases of Rs.5.00 LAC of Taxable Goods, on which VAT is leviable, in Gujarat VAT Registration is required. However, under Income Tax Act, you can file your Return.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now