Is the assessee liable to file income tax return
This query is : Resolved
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
Also note that his actual profit from retail business is 2,00,000/-.
Thanx in advance
CA PARAS BAFNA
(Expert)
05 February 2012
In case turnover is related to FY 2010-11, Section 44AD will be applicable.
.
In case he declares his profit @ 8% i.e. 160000 and IFOS 20000/- , he becomes liable to file the Return.
.
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.
.
In case he declares his profit @ 8% i.e. 160000 and IFOS 20000/- , he becomes liable to file the Return.
.
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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