If one is to declare Income from sale of Vegetable & Fish, where would one show it ?
Both Purchase & Sale are in Cash Transactions.
Thanks in advance.
Tjr
4 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 July 2014
FIle ITR-4 and show income from business/profession.
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 28 July 2014
We can Classify such income under
1. Other Sources or
2. Business Income
Final Advise would depend on the quantum & Amount of Transaction
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 28 July 2014
treated as income from retail business and you need to file itr-4s claiming profit under presumptive taxation.
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 28 July 2014
Show it as as business income of receipts and payments are subtantial.Else it can be shown as income from other sources if the scale is very small.
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