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Computation and itr

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(Querist)
13 September 2014 I want to know,if a person earned income from tea stall then which itr he should upload.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
13 September 2014 Dear Dev,

If he keeps books of accounts then file ITR4, otherwise ITR4S.
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Dev

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Dev (Querist)
13 September 2014 he does not maintain any accounts
he just a chaiwala who earned income from such business
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
13 September 2014 Then file ITR4S (estimated income i.e. 8% of turnover)
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Dev

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Dev (Querist)
13 September 2014 how would i know his turn over
and what is 8% sir
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Dev

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Dev (Querist)
13 September 2014 he gave me bank statement,shop licence, agreement of shop
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
13 September 2014 Dear Dev,

Ask the party (he can give you estimated figure of yearly turnover)

Minimum 8% of the turnover is taken as net profit, assessee can claim more profit if he thinks his net profit would be more than this.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
13 September 2014 Dear Dev,

Hope it is clear to you now.
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