Which ITR to be filled
This query is : Resolved
15 July 2020
My brother is running a small electric reparing shop for more than 5 years in a small town and his total income is arround 25K per month. I wanted to encurrage him to file the return, but I heard that in order to do so, the person will have to maintain few documents, such as expense and income. But as I said the shop is very small and he doesn't maintain any kind of document like receipts book
All his income in cash basis so request you to give you valuable suggestions so that we can arrange the documents and we can file return in July 2020. Please also suggest the documents required if we wanted to file the return of previous year. Thanks, Denis Gonsalves
All his income in cash basis so request you to give you valuable suggestions so that we can arrange the documents and we can file return in July 2020. Please also suggest the documents required if we wanted to file the return of previous year. Thanks, Denis Gonsalves
15 July 2020
You can show the income u/s 44AD of the Income Tax act, 1961 which is on presumptive basis.
Maintain the basic information of Sale, Purchase and then file your IT return vide ITR 4.
Under 44AD books of accounts are not required but profit have to be declared above 8%. of gross receipts.
Maintain the basic information of Sale, Purchase and then file your IT return vide ITR 4.
Under 44AD books of accounts are not required but profit have to be declared above 8%. of gross receipts.
28 October 2021
Yes, you can declare 50% profit or even more, if you wish.
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