Please guide me how I can file Income Tax Return of a milk trader.He is purchasing milk from companies like amul and selling it to people and he is not maintaing any books of accounts.His monthly turnover is Rs.1 lakh.
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Itr query
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file itr on presumptive basis..u/s 44ad. consider cast deposit in bank during the year as turnover
In which code should I file as it is exempt from Income Tax?
if income exceeds 1,50,000 and turnover exceeds 25,00,000 then only mandatory for maintenance of books as per sec 44AA
If the nature of income earned from this activity is of nature of COMMISSION on sale, then presumptive taxation under section 44AD cannot be opted for.
File ITR-4(sugam) declaring 8% income on turnover u/s 44AD.
ITR 4 . show 8 % profit n go wid sec 44ad
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