Itr-for retail trade

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2012 My uncle is into retial trade.
his gross sales last year was around 14 lackhs.He wants to file his return for ay 12-13 now.
since he is eligible for 44AD.
he wants to claim higher propotion of income around 20% of his sales.

in that case how much tax he has to pay and penalty interest if any for late filing also please tell which form nos to be used.

also pls tell tax liablity if wants to show income @ 8% only.

UMESH KUMAR PANDEY

UMESH KUMAR PANDEY (Expert)
Follow

26 December 2012 Dear,

Your uncle's GTO is 1400000/- and he wants to NP @ 20% i.e 280000/- now deduct the any deduction schd-vi,then slab deduction and calculate the tax amount including cess then add the interest @ 1.5%pm from the date of july,12 after that filed the ITR-4.

if he wants NP@ 8% then go through to the CA certificate for audit of the books of accounts then The CA will be filed this return under no tax liability.