Income from presumptive bussiness

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2012 sir.
a person having a business in the state (rental-on leave and license basis) intends to apply for small loan ,can the person file income tax return, even if he does not have a residential proof in the state in which he is running bussiness?gross income comes to around 300000,yearly can he use sugam form (ITR4s),

Manish Soni

Manish Soni (Expert)
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13 October 2012 Yes he can file his income tax return irrespective of whether you are working from rented premises or owned. Further you can file ITR 4S provided income declared is at least 8% of total turnover.

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Pankaj Gupta

Pankaj Gupta (Expert)
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13 October 2012 There is no such compliance of residence address under income tax act. He can very well file a return of income.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2012 thank u sir,
total turnover(gross receipts) comes to around 300000 and its 8% is 24000 so can he show 24000 as his income while filing the returns? please reply and thank u once again.

Pankaj Gupta

Pankaj Gupta (Expert)
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13 October 2012 Under sec 44AD income to be shown is the maximum of- actual income or8% of turnover, whichever higher. And no matter your income is 24000 or higher or lower than that. You can file a return showing that income only.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 October 2012 thank you very much.

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