Turn Over for IT Return

There is no such minimum turnover for filing a return of trading income. 

However, in case of individual and HUF if the total income(taxable income) is less than Rs. 2,50,000 for a financial year then you are not required to file income tax return. 

In case of senior citizens(60 years to 80 years) return is required if the total income is more than Rs. 3,00,000

As per  Budget  21 ,  exemption   is given  to Sr Citizen  more than 75 years age   for filing  Income Tax  return  , having  pension and Interest   Income  . As Sharma  madam  mentioned  above  more than  300000/- return is required   .  

Upto 250000 rupees income tax is exempt.

If turnover exceeds 5 crores rupees then tax audit is applicable provided that cash receipts and payments should be 5% of total receipts and payments and 95% should be in online mode.

For senior citizens of 60 years of age income upto 300000 rupees is exempt and for super senior citizens of 80 years of age income upto 500000 rupees is exempt from ITR return.

Senior citizen who have only income from pension and interest income is not required to file ITR return.

Agree with puja ji

Agree with Puja, No exemption limit in case of COMPANIES..

HI All tanks you so much for your valuable comments  

Your welcome

Hi can someone help me with journal entries 

case 1 

A civil contractor gives cash to his supervisor who  manages different sites  he spend cash received on small purchases at site and other expenses at site  he also use this money to make part payment to subcontractors and at the end of the months supervisor submit it expenditures record to office

the subcontractors also submit their bill for final payment minus the amount received from site supervisor