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Tax amt. & return

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 August 2011 if any person having gross reciepts Rs.350000/- from proprieter business and net income Rs.159200/- then what is the tax amt. and what should be filled in option E1 to E6 in ITR 4S.
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
21 August 2011 As the income is less than 160000. So no tax is to be paid.
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CA. Nitin Agrawal

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CA. Nitin Agrawal (Expert)
21 August 2011 Dear Mr. Anonymous

You have not mentioned whether you covered U/s 44AD or 44AE. I presumed that your case not falls to 44AE.

As per Sec 44 AD of IT Act, you can file ITR showing income of Rs 159200 which is more then 8% then prescribed min. income declaration. In that case there is no IT liability.

you have to mention in:
El: Rs 350000
E2: Rs 159200
E3 to E5: Not applicable
E6: Rs 159200

Hope the same is informative and query is resolved.

Now cheers
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CA. Nitin Agrawal

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CA. Nitin Agrawal (Expert)
21 August 2011 Request to Ca. Ashwani

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