Itr filing
This query is : Resolved
19 September 2013
A person has only income from business. He reports sales of 20 lakh rupees and net profit of 50,000. He has availed "OD against property" from a bank. He argues that he need not file ITR since his income does not exceex taxable limit. Is the argument tenable under law?
20 September 2013
Yes not required to file but as per 44AD he is required to disclose at least 8% of turnover otherwise required to do audit.
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