ITR for xerox and online shop

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This discussion addresses how to file Income Tax Returns (ITR) for a business involving Xerox services and online sales, particularly when using online wallet services for money transfers. The user is advised to file ITR 4 and declare income under presumptive assessment, including commission income received from mobile/DTH recharges under Schedule OS. Details of turnover and expenses maintained in Excel can be used for this purpose.

Reena

Reena (Querist)
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31 July 2023 Dear All

We are running Xerox & online work business. in our business we are doing money transfer through star communication online source wallet... how should i file ITR,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 July 2023 File ITR 3.

Reena

Reena (Querist)
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31 July 2023 Sir should i file along with balance sheet, profit and loss account / Income and expenditure statement

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 July 2023 What is your total turnover? Whether you receive any commission income?

Reena

Reena (Querist)
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31 July 2023 Commission received for Mobile/DTH rechare , in AIS Rs. 16,464/- reported as commission and tds deducted with section 194H. we received charges total 6Lakhs and expenses rs. 2Lakhs, this details we maintained in excel sir.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 July 2023 For simplicity you may file ITR 4 and declare the income under presumptive assessment.
The commission received can be declared under Schedule OS.

Reena

Reena (Querist)
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31 July 2023 in 44AD am i right sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 July 2023 Yes, correct.

Reena

Reena (Querist)
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31 July 2023 Thank you so much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 July 2023 You are welcome.