Mandatory to file return??...plzzzz helpppp

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2014 dear sir,

i have a retail shop(sole proprietor) having a turnover of 65 lakhs around. previously when the limit for audit for rs 60 lakhs i was filling return and gets the accounts audited and mainting books of accounts.

now the limit is rs 1 cr is there any need to
1.file return
2.maintain books
3.gets accounts audited

as VAT is not applicabke for us and my income do NOT EXCEED BASIC EXEMTION LIMIT.

THANKS FOR ANSWERING.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 June 2014 1. if the income doesn't exceed the basic exemption limit, then return is not required to be filed.

2. same applies to audit and and maintenance of books.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 June 2014 1. yes
2. yes
3. no if less then 1 crore.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 now there is a conflicting thought between experts.

one say to file return another say not to file

what to do???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2014 there is no conflict...rule is simple...if the total income doesnt exceed Rs 2 lakhs, return is not required to be filed as per section 139.

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 ya but how come tushar is asking to file return?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2014 I am sure if you would have mentioned your actual profit amount, he may have given you a reply similar to mine.