Is i file itr ?

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Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 Dear Sir,
I am small a trader having turnover of Rs.600000 and profit is Rs.80000.
My income is below taxable limits (Rs.160,000.00). Wheather it is mandatory to file ITR in my Case. plz refer with sec./ circular/ notification (if any).

Thanks

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)
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28 December 2011 Government has given exemption to file ITRs for those who have income less then Rs.5Lakhs. So you are not required to funish any return of income to department. However if you need any loan in future based on your business you need to submit atleast 3 years IT returns and which is mandatory. In addition to that for every IT return 6 months gap is necessary while applying for a loan

Now its your discretionary to file a return or not.

Thanks,
CA M Sreenivasa Rao.

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 Dear expert

As Mr. Seenivasa Roa has reply that those who income less 5 lac is exempt to file ITR.

Word "Income" is Correct or it is "turnover"

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 December 2011 Rs.5 Lac Return exemption not given for business category, it is given for salaried individual only through NOTIFICATION NO. 36/2011.

As business Individual your taxable profit not coming under taxable limit.so you have option to file or not file both,

but filing of return always required for all the business purpose and any of the business loan or housing loans