Income tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2016
My mother is a retail vegetable seller. Her annual annual profit is approx 4.5 lakh . How she can file IT return? Can she avail any exemption?
11 November 2016
She can file return u/s 44AD taking minimum 8% of gross receipts as net profit. for example if she declares gross receipts from retail vegetable business of Rs. 3200000/- she will have to show at least 256000/- as net profit without claiming expenses as it will be deemed to have been provided. Now if you have worked out her net profit at Rs. 4.5 lakh the basic exemption limit applicable to her is Rs. 250000/- only (Rs. 300000/- if she is senior citizen). Besides this she will also get tax rebate of Rs. 2000/- u/s 87A (upto the net profit of Rs. 5 lac) so exemption limit will be effectively Rs. 270000/- or Rs. 320000/- whichever is applicable. Exemptions are available u/s 80C and 80D mainly to an individual assessee.
11 November 2016
She can file return u/s 44AD taking minimum 8% of gross receipts as net profit. for example if she declares gross receipts from retail vegetable business of Rs. 3200000/- she will have to show at least 256000/- as net profit without claiming expenses as it will be deemed to have been provided. Now if you have worked out her net profit at Rs. 4.5 lakh the basic exemption limit applicable to her is Rs. 250000/- only (Rs. 300000/- if she is senior citizen). Besides this she will also get tax rebate of Rs. 2000/- u/s 87A (upto the net profit of Rs. 5 lac) so exemption limit will be effectively Rs. 270000/- or Rs. 320000/- whichever is applicable. Exemptions are available u/s 80C and 80D mainly to an individual assessee.
11 November 2016
She can opt for section 44AD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- Supply through E-commerce Operators
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- SALE BILL AGAINST GOODS RETURN
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- GST ON DAMAGED GOODS
- REGARDING GST LIABILITY/....
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
