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Income tax e filling queries

Natesha k (Asst.Accountant) (168 Points)

29 August 2017

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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14 Replies

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 29 August 2017

File ITR3 for the business Income

Natesha k (Asst.Accountant) (168 Points)
Replied 29 August 2017

Sir some one told to file the ITR 4 . now am confused..

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 29 August 2017

if you want to offer your income on presumptive basis use ITR-4

Natesha k (Asst.Accountant) (168 Points)
Replied 29 August 2017

Which one is better sir...

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 29 August 2017

Opt for presumptive taxation since you need not pay much tax on the same

neeraj gupta (1138 Points)
Replied 29 August 2017

here are your options:
Itr4: you will have to show a profit or 8

neeraj gupta (1138 Points)
Replied 29 August 2017

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)

Natesha k (Asst.Accountant) (168 Points)
Replied 29 August 2017

Sir am already prepare a profit and loss account and balance sheet.. So now you give the solution sir...

neeraj gupta (1138 Points)
Replied 29 August 2017

If your total income is less than 2.5L then usage of ITR3 is suggested.

Natesha k (Asst.Accountant) (168 Points)
Replied 29 August 2017

Sir if any queries come from department.

neeraj gupta (1138 Points)
Replied 30 August 2017

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.

Natesha k (Asst.Accountant) (168 Points)
Replied 30 August 2017

Sir I have all the documents.. but we are paid a rent for shop, that one don't have no voucher

Natesha k (Asst.Accountant) (168 Points)
Replied 30 August 2017

We are purchase of furniture, racks and angles from unregistered dealer in VAT for opening

Natesha k (Asst.Accountant) (168 Points)
Replied 30 August 2017

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