01 March 2014
Hello, I have proprietor shop of tea and snacks. My shop is not registered. My early turnover is rs. 5 lakh and profit near by 50,000 rs. Which itr I should be file?? Can I show profit as other sources income??
01 March 2014
you can say this as income from business . . use ITR4S and disclose 8% or more on this as income . . Suppose if you disclose 10 lakhs turnover your income is 80000 for the year and not taxable . . it is as per sec.44AD . .
01 March 2014
That is why i suggested ITR4S to you . . as per section 44AD you can file return ITR4S by declaring 8% on turnover .. You not required to maintain any books of accounts to file ITR4-S . . you can go with procedure till your turnover not exceeds 1 crore