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Small business earning 3 lalkh per annum

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1 Points Posted on 22 August 2020
is it mandatory for a person who is doing a catering business in a small scale ?

if one does ...is there any benefit?
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On 22 August 2020 at 09:43 Report
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32 Points Posted on 22 August 2020
Yes, since your Income is more than minimum amount not chargeable to Income Tax, i.e. basic exemption of 250000.
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On 22 August 2020 at 11:06
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155 Points Posted on 22 August 2020
If the Annual income exceeds Rs 250000, filing ITR is mandatory.
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On 22 August 2020 at 12:02
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156 Points Posted on 22 August 2020
GTI crossed 2.5 lakhs , so file your Itr.
benefits
1) you can opt for a bank loan for your business expansion
2) your Income tax return act as evidence that you are an income earner more than a prescribed limit....there are lot more benefits.
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On 22 August 2020 at 17:37


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