A shopkeeper having a grocery shop.His annual turnover is 20 lacs.
He wants to file a income Tax return.
Which ITR to be file & which net profit ratio showed
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Which return form
Replies (8)
Quick Summary
File ITR 4 with minimum 8% profit margin for cash sales/turnover.
Ok Thanks
You are welcome ...
Sec 44AD AND OTHER SECTIONS ARE RELEVANT RELEVANT.
ITR-3 also can be filed if you have maintained the books of accounts
No. Books of accounts are maintained
File ITR 4, no need of books of accounts. Maintain turnover records.
If books of accounts are maintained then you can declare actual profit
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