Filling Return

This query is : Resolved

Yadav Santosh (Querist)
Follow

12 June 2007 A PERSON IS A RETAIL(HARDWARE) SHOP OWNER (SHOP IN RENTED).

OPERATES WITH HIS PESONAL SAVING BANK ACCOUNT. HE DO NOT HAVE A CURRENT ACCOUNT, SO

IS IT NECESSARY TO HAVE A CURRENT ACCOUNT?

HE HAS NOT MAINTAINED ANY SORT OF ACCOUNTS APART FROM BIT OF ROUGH TURNOVER DETAILS. CAN U PLS ADVICE ME THE WAY, TO GO AHEAD WITH THE RETURN FILLING PROCEDURE.

THANKS

Pankaj Jain

Pankaj Jain (Expert)
Follow

13 June 2007 1) If you have a turnover of less than Rs. 40 Lacs, then you do not require to maintain books of account and you can file your return by estimating your income above 5% of the Gross Estimated Turnover as per Section 44 AF of the Income Tax Act, 1961.

2) There is no requirement to have have a Current Account. You can carry your business with your Saving Account also.

Yadav Santosh

Yadav Santosh (Querist)
Follow

16 June 2007 thks a lot

Upgrade to CAclubindia Pro. Subscribe Now!