30 July 2016
A proprietor concern having Turnover 22,50,040/- with NP 1,92,191 (Above 8%) in f.y. 2015-16 along with saving intt. above 10,000 is 4250 (total sb intt. 14250).
Should he file his Income Tax Return as taxable income is below than limit of Rs. 2.50 Lacs.
30 July 2016
During the previous year 2015-16 the income of the proprietorship concern not exceed the maximum amount which is not chargeable to Income-Tax. Hence, may not be required to file the return of income.
Please go through the proviso to section 139(1) of the Income Tax Act, 1961 with regard to 1/6 conditions (now 1/5 conditions) and consumption of electricity over rupees fifty thousand during the previous year.
Please check the provisions of section 44AA regarding maintenance of books of account.
CAclubindia
