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VIJAYA RAGHAVA SAI RAM (Querist)

02 February 2014 Sir,

If a person is maintaining a Tea Center and his turnover is over 7 lacs per annum...

what is the ITR is to be filed...ITR-4 or 4S

And is the maintaing of books of accounts is compulsory if he filed ITR

AVTAR SINGH

AVTAR SINGH (Expert)

02 February 2014 If the turnover is below Rs 1 crore in the financial year and net profit is not less than 8% of turnover, then no need to maintain books of account. In such situation file ITR 4S.

VIJAYA RAGHAVA SAI RAM

VIJAYA RAGHAVA SAI RAM (Querist)

02 February 2014 Sir,

If profit is more than 8% then what we have to do sir....

we should file ITR-4 and mainatain books of accounts or file ITR-4 and if profit is more than 8% is it mandatory to mainatain books of accounts?

AVTAR SINGH

AVTAR SINGH (Expert)

02 February 2014 Pl. read carefully what I wrote, if net profit is not less than 8% [means 8% or more] no need to maintain books. If profits are more than 8% file ITR4S.

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