Incometax return of shopkeeper

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2016 Dear Sir,

I want to file a return of a Karyana Store shopkeeper he said his income is Rs 3 lacs annually please help me to file return without tax & any documents maintain

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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19 April 2016 You have to Prepare P&L to find out Profit & taxability of Shop Keeper for income tax purpose and to filling Return.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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19 April 2016 File ITR-4S declare income u/s 44ad 8% on gross turnover.

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Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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19 April 2016 Avail of the presumptive tax scheme u/s 44AD. 8% of the turnover is deemed to be profit. No books of accounts or documents need be maintained. Show the Turnover at Rs.37,50,000/- or so and the profit would be Rs.3 lakhs. Preferably show an odd figure as the turnover is not likely to be in round figures.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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19 April 2016 Fully endorse the view of expert Kaviraja Addangadi.

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