Hi
I need to know A person has income from mobile shop so plz tell me which return should be filled?? he want so income of 120000 p.a. please suggest me the processure.
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Regarding return
Replies (3)
He can choose to file ITR4 ot ITR 4S.
If he chooses ITR 4, he can show the income from sale of mobiles as income and after claiming all the expenses, he can show the profit (from 1/4/12 to 31/3/13). He should also make a balance sheet showing all the assets and liabilities as on 31/3/13. This will be a better approach, if he wants banks loans etc.
For ITR 4S, he should just disclose his sales(say Rs 1500000/-) and 8% of it will be the profit (1500000*8%=120000/-). You can find out the sales amount from the bills issued / the bank cash/cheque deposits.
If his income is just Rs 120000/-, he need not file IT return unless he wants a loan etc.
If he is not maintaing balance sheet and p&l a/c in that case i have to fill itr-4s???
yes, you can do that.
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