Tax liability of small order suppliers
This query is : Resolved
Dipankar Chakraborty
(Querist)
18 January 2016
In case of assessee is a small order supplier. He do not maintain any books of accounts. then which ITR he will file? Turnover more that 2,50,000 /-
CA PARAS BAFNA
(Expert)
18 January 2016
A person having turnover of less than Rs 1,00.00,000 can file ITR 4S. He has to show net profit U/s 44AD @ 8% or more of the turnover.
.
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Dipankar Chakraborty
(Querist)
18 January 2016
After calculate 8% of turnover which come for say Rs. 5,00,000 turnover p.a then net profit will show Rs. 40,000, So, now how much will tax for him? Will it calculate as per individual tax slab?
CA PARAS BAFNA
(Expert)
18 January 2016
Tax will be NIL. Yes he has to calculate tax as per Tax Slabs applicable to Individuals.
Dipankar Chakraborty
(Querist)
18 January 2016
Thank you very much for your help
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