11 January 2012
I computed my profit and loss account, balance sheet . I am vegetable saller. My turnover is Rs.15 Lakhs. Net Income is Rs. 1,65,000/- . 80C is Rs. 7,000/-. so my income is1,65,000 - 7,000 = 1,58,000/- ( Below Rs.1,60,000/-) My Question is in itr-4s (sugam) i write the valeu Rs. 1,58,000/- or 8% of Rs.15 lakhs. and said me why take this amount from above two?