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INCOME TAX

ITR 238 views 3 replies
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1 Points Joined July 2017

I HAVE A SMALL GOLD & SILVER JEWELRY SHOP  INCOME UNDER 50 LAKH SHALL I FILE ITR 4 PRESUMPTIVE BASIS U/S 44AD..?

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On 30 July 2020 at 12:24 Report
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Student
72 Points Joined January 2017
Yes, you may opt for Section 44 AD if total turnover not exceeds 2Cr in FY.
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On 30 July 2020 at 12:44
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Tax and Business Consultant
11616 Points Joined July 2015
Section. 44AD is applicable to Individuals, HUF and Partnerships firm only.

Turnover limit for 44AD is 2 crore.
if your Turnover is more than 2 crore than you can not file return under section 44AD.

So, in your case ,you can file your return in ITR 4 u/s 44AD as turnover is less than 2 crore.
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On 30 July 2020 at 13:01
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Student
7053 Points Joined February 2019
I agree with Sagar Patel 👍
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On 30 July 2020 at 15:52

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