Itr

This query is : Resolved

VIJAYA RAGHAVA SAI RAM (Querist)
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02 February 2014 Sir,

If a person is maintaining a Tea Center and his turnover is over 7 lacs per annum...

what is the ITR is to be filed...ITR-4 or 4S

And is the maintaing of books of accounts is compulsory if he filed ITR

AVTAR SINGH

AVTAR SINGH (Expert)
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02 February 2014 If the turnover is below Rs 1 crore in the financial year and net profit is not less than 8% of turnover, then no need to maintain books of account. In such situation file ITR 4S.

VIJAYA RAGHAVA SAI RAM

VIJAYA RAGHAVA SAI RAM (Querist)
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02 February 2014 Sir,

If profit is more than 8% then what we have to do sir....

we should file ITR-4 and mainatain books of accounts or file ITR-4 and if profit is more than 8% is it mandatory to mainatain books of accounts?

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AVTAR SINGH

AVTAR SINGH (Expert)
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02 February 2014 Pl. read carefully what I wrote, if net profit is not less than 8% [means 8% or more] no need to maintain books. If profits are more than 8% file ITR4S.

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