Income tax return query

337 views

Save Share

Pranesh

accountant

25 Points Posted on 31 October 2015

2 years back brother started Trading Business on small scale in Aurangabad (Maharashtra) he had not registred for VAT/TIN and not used current account for transations. All transation done in his personal saving account. Now for loan purpose he needs IT Return, my query is as follow

1) how can he show this income from business (approx 3 Lac PA)

2) Do he need to register for VAT

3) What examptions he can use to reduce tax, if any ??

Thanks in advance

Pranesh

Replies (3)

KAVIRAJA ADDANGADI

PROPRIETOR

12919 Points Posted on 31 October 2015

Every State has Prescribed Limit for Registration of Vat . It depends on which state doing business we have to see minimum trading activity to Register Vat. (5to 8 Lakhs) . Business Income Limit Upto 250000/- not tax liability 2000 Rebate given if Taxa ble iNcome is Below 5 Lakhs , you can savings u/s 80c ,Childeren Education Exps Only Tution Fess paid in School for 2 Children. LIC , MEdicliam etc

Pranesh

accountant

25 Points Posted on 31 October 2015

Respected Kaviraja Sir,

Business is in Maharashtra. What is limit for Registration for VAT in Maharashtra ??

KAVIRAJA ADDANGADI

PROPRIETOR

12919 Points Posted on 31 October 2015

Turnover limit of Rs. 5 lakh is increased to 10 lakh with effect from 26th June 2014. For MVAT Registration Not Compulsory upt o 10 Lakhs in Maharastra. But if you want you take registration