Sole proprietor

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Manager in Audit & Taxation
77 Points Joined June 2013

My Friend's Father has A Shop(Sole Proprietor)  of Utensils & Steel Product.Their Business is daily on cash Basis of Purchace & Sell of Utensils.

For Their Small Proprietorship which ITR utility  is to be filled In Income Tax Return wheather Balance Sheet is Needed for the same.

Please help me the for the same.

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On 27 January 2015 at 11:38 Report
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Student C.A. final
212 Points Joined November 2013

DEAR JIGAR

IF IT IS DIFICULT TO MAINTAIN THE BOOKS OF ACCOUNTS,THEN YOU CAN GO FOR 44AD WHERE THE ASSESSEE CAN SHOW THE INCOME ON THE PRESUMPTIVE BASIS I.e.INCOME SHOULD BE ATLEAST EQUAL TO OR GREATER THAN 8%.THEN YOU NEED NOT FURNISH THE BALANCE SHEET.

 

THANK YOU

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On 27 January 2015 at 11:44


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