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Itr filing

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(Querist)
19 September 2013 A person has only income from business. He reports sales of 20 lakh rupees and net profit of 50,000. He has availed "OD against property" from a bank. He argues that he need not file ITR since his income does not exceex taxable limit. Is the argument tenable under law?
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Nitesh Parmar

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Nitesh Parmar (Expert)
20 September 2013 Yes not required to file but as per 44AD he is required to disclose at least 8% of turnover otherwise required to do audit.
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