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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Small business earning 3 lalkh per annum
Replies (3)
Quick Summary
Yes, since your Income is more than minimum amount not chargeable to Income Tax, i.e. basic exemption of 250000.
If the Annual income exceeds Rs 250000, filing ITR is mandatory.
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.
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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