Tax amt. & return
This query is : Resolved
Querist : Anonymous
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.
CA Ashwani Agarwal
(Expert)
21 August 2011
As the income is less than 160000. So no tax is to be paid.
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
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
CA. Nitin Agrawal
(Expert)
21 August 2011
Request to Ca. Ashwani
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