Hi,
My friend is doing textile business and
who wish to file his income tax return for fy.17-18. So pls help which ITR is applicable whether ITR 3 or ITR 4 and he does not have any other income except business income and has not maintained books of accounts for shop.
7 Replies
prasad Nilugal
(3914 Points)
Replied 19 September 2018
For f.y 2017-18 if his income from business exceed s one Lac twenty thousand ,he has to maintain books accounts as per section 44AA of Income Tax act 1961.
Emerson.C
(Asst., Manager)
(218 Points)
Replied 19 September 2018
under presumptive taxation is it applicable for maintain books of accounts
rama krishnan
(12244 Points)
Replied 19 September 2018
if your total turnover doesn't exceeds 2crores, you can opt for 44ad and there's no necessary to maintain prescribed books of account specified in 44aa but you are required maintain books to compute your total turnover
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 20 September 2018
Even you opt 44Ad , some of the information like Sundry creditors, Debtors , Stock, Cash are mandatory in ITR 4 ,if you opt 44AD
Emerson.C
(Asst., Manager)
(218 Points)
Replied 20 September 2018
but till date he has not maintained above books and his turn over comes below 25 lacs pa so request to kindly guide us what are the basic details require before filing the ITR returns
Umesh Mhatre
(owner)
(299 Points)
Replied 20 September 2018
He can opt for 44ad and there's no necessary to maintain prescribed books of account; by declaring minimum 8% profit over turnover.
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