Is the assessee liable to file income tax return

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Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2012 An Individual (Male, not a senior citizen)is running a retail business which has a turnover of 20,00,000/-. Also he earns Income from Other Sources - 20,000/- Thus as per Sec. 44AF his deemed profit under the head PGBP is 1,00,000/- & thus his Total Income is 1,20,000/-. Is the asseesee required to file his Income Tax Return?
Also note that his actual profit from retail business is 2,00,000/-.

Thanx in advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 February 2012 In case turnover is related to FY 2010-11, Section 44AD will be applicable.
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In case he declares his profit @ 8% i.e. 160000 and IFOS 20000/- , he becomes liable to file the Return.
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However if the given data are for AY 2010-11, he is not required to file the return as his income is under the taxable limit.

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