Income tax
This query is : Resolved
19 August 2016
One of my known has a small kiryana shop with his father and earning income of Rs. 40000 pm. Can he file return after spreading income between father and son. Also explain other method of filing nil return
19 August 2016
There is no requirement to file an Income Tax return if there is no taxable income, so there is no point in filing a NIL return unless you have any refund to claim.
19 August 2016
Rohit ji I am asking that if income is 40000 pm which is 480000 P.A. which is taxable but they are two person sitting on one shop so how we can show without nil tax return
19 August 2016
and also we want to save Rs.25000 pm we need to file nil income tax return other wise there will be problem in future
19 August 2016
I am assuming the kirana shop is owned by the father and is a sole proprietorship concern. treat the income as business income in the hands of father. Make the son employee of the father and pay him salary within the taxable limit. You can also invest the surplus in 80C and other avenues where deduction is available.
Message likes :
1 times
19 August 2016
SO I UNDERSTOOD BUT NOW I NEED TO FILE INCOME TAX RETURN OR NOT, if I WILL SUBMIT RETURN WHICH FORM I WILL USE ITR4S OR ITR4 AND IF I WILL USE ITR 4S FOR PRESUMPTIVE BUSINESS THEN I CANNOT CLAIM SALARY PAID TO SON AND IF WE USE ITR4 THEN I HAVE TO MAINTAIN BOOKS OF ACCOUNT WHICH ARE NOT POSSIBLE FOR KIRYANA SHOP HOLDER
20 August 2016
Unfortunately you cannot avoid the legal requirement here :)
22 August 2016
Am i right, If any other option here
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
