viswanathriju (nil) (26 Points)
19 September 2013A proprietor has outstanding "OD against property" with a bank. However he has reported sales of Rs.20 lakhs and net profit of Rs.50,000/-. He argues that he need not file ITR since his income does not exceed taxable limit. The proprietor does not have any other income. The OD against property is renewable annually. Is his argument tenable under law?
Akash Jain
(CA Final Student)
(261 Points)
Replied 19 September 2013
Gross Taxable Income without any deduction i.e. Gross Sales would be considered for taxable limit.Hence ITR 4or 4S needed to File as per facts given(bussiness Income)
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