HI everone.
I have small provision shop. My turnover is below 7lakh and profit usually below 2lakh. I am thinking of filing return under 44ad. If I file return under 44ad means bank will accept my return for sacntioning loans ? If the tax officer called for any enquiry means what are the details I need to give it to them ?
I can file return for past two years now ?
Thanks
returns for past two years is not possible
sanction of loan needs high turnover and good financial records in past
You cannot file earlier year's return now.
For turnover upto 10 lakhs, when the income declared under sec. 44AD..... ITD will not ask any details, except bank statements for TO verification.
Bank may consider the itr for some loan, but they require last 3 years statements !!!
u can opt for 44ad yes u can opt and file the return and get laon on the basis of return
but i would like to prefer to prepare balance sheet & pl and file itr and stock statement to get good loans from banks
better to prepare financial statements and proper stock statement
Thanks for the reply Naveen Chand and Dhirajlal Rambhia.
Even paying penalty I cant file return for past years?
no cant file now
Thanks again . One more question I earned some amount from agriculture activities and my business income is below 2.5lakh I can mention my agriculure income in ITR ?
IN EXEMPT COLUME U CAN ... IF AGRICULTURE INCOME FROM INDIA LAND
what type of return I need to use if I file my business income under 44ad and my agriculutural income above 5000rs?
| Originally posted by : sakthibruce | ||
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what type of return I need to use if I file my business income under 44ad and my agriculutural income above 5000rs? |  |
ITR-3 with option " No Books No Accounts case " ticked/selected ....
Thanks saifullah Khalid
Filling ITR for the previous year is nor possible. If you opting for 44AD you don't need to maintain any books of accounts.
CAclubindia
