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Need help in paying income tax for my jewellery shop

15 November 2016

Dear Icome Tax Consultants,

Please help me in filling income tax for my small jewellery shop (<5 lacs Turnover).

As I am not aware of anything in this field please help what i have to do to pay income tax. What are the required documents and procedure for this? And can I fill ITR for the same.

Looking forward to you help..

Thanks & Regards,

Anuj- 9540595187

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195710 Points)
Replied 15 November 2016

When your turn over is less than 5 lakhs, what is your net income? What other source of income you have?

You need not file ITR if your gross taxable income doesn't exceed 2.50 lakhs.

Still if you wish, file ITR 4S

Rahul Srivastava (Practice) (101 Points)
Replied 15 November 2016

hii anuj

if you have jewellery business and have business turnover less than five lac. i request u file the income tax return. you have two option for file the income tax return
first option
if you maintain the complete book of account than file the ITR 4

second option
if do not maintain book of account than file ITR 4S

Anuj Rajput (22 Points)
Replied 26 November 2016

Dear Sir,

Please help me I want to pay income tax if there will be any on my overall business income.

I got to know that I am eligible for under section 44AD and I don't have to show any records if I opt for 44AD.

Please let me know what I have to do first as I am doing it first time.

Do I need to fill ITR 4S first or there is any other thing I need to do before that?

And also let me know what are the required documents for this.

Regards,

Anuj

Rahul Srivastava (Practice) (101 Points)
Replied 25 December 2016

Yes, u file income tax return u/s 44ad with suporting information related business sundry creditor detail, sundry debtor detail, stock detail, and cash & bank detail . This detail is very important for u and ur income tax return.