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Which use ITR Form from business

shashikala (Accountant) (27 Points)

01 July 2011

Hi All,

I am started New Business as Dealer in Frozen food contains. (Solo Proprietor )

Our Turnover is per month 1 lakh

i have some accounting details.

1) vat is applicable : we deducted vat 5% , how to remittance to bank , What challan No & how to fill , how to submit.

2) how to accounts maintaining

3) Which Form Used for IT Return. is it required for Tax audit.

Please any bady advise me

Thanks

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2 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 01 July 2011

Originally posted by : shashikala

Hi All,
I am started New Business as Dealer in Frozen food contains. (Solo Proprietor )
Our Turnover is per month 1 lakh
i have some accounting details.
1) vat is applicable : we deducted vat 5% , how to remittance to bank , What challan No & how to fill , how to submit.

- SBI will accept your challan, with your firm name, VAT registratino number and amount. you have to file your return to your vat office or online.
2) how to accounts maintaining

- use any accounting software viz tally etc for retail business.

3) Which Form Used for IT Return. is it required for Tax audit.

- ITR 4 should be used, if your net profit is above 8% of turnover then no audit required unser sec 44AB, upto 60 lacs of turnover. however if net profit is below 8% then audit is mandatory.

Please any bady advise me
Thanks