Dear sir,
am doing small business for the the financial year 2016-17, that business turnover below 42 lakhs. net profit will be Rs. 86000/- So now which ITR will be filled..
please help me sir...
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Income tax e filling queries
Replies (14)
File ITR3 for the business Income
Sir some one told to file the ITR 4 . now am confused..
if you want to offer your income on presumptive basis use ITR-4
Which one is better sir...
Opt for presumptive taxation since you need not pay much tax on the same
here are your options:
Itr4: you will have to show a profit or 8
Itr4: you will have to show a profit or 8
continued:
Itr4: you will have to show min 8% profit of turnover (assuming cash payments accepted) and pay tax on it accordingly.
Itr3: you can show profit of 86000 and will have to maintain books. Audit 44AB(e) might apply in case your income including other income sources will exceed 2.5L (assuming you are below 60)
Itr4: you will have to show min 8% profit of turnover (assuming cash payments accepted) and pay tax on it accordingly.
Itr3: you can show profit of 86000 and will have to maintain books. Audit 44AB(e) might apply in case your income including other income sources will exceed 2.5L (assuming you are below 60)
Sir am already prepare a profit and loss account and balance sheet.. So now you give the solution sir...
If your total income is less than 2.5L then usage of ITR3 is suggested.
Sir if any queries come from department.
In that case please have your explanations and supporting documents ready. There is nothing to worry if you are doing things right. So don't take too much stress for that.
Sir I have all the documents.. but we are paid a rent for shop, that one don't have no voucher
We are purchase of furniture, racks and angles from unregistered dealer in VAT for opening
shop.. these are taking in to account for fixed assets.. So is it any queries from the department.. That party not a registered dealer...
Sorry sir half half queries asking for you.. please help me sir
Sorry sir half half queries asking for you.. please help me sir
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