Dear Sir,
I have income from boutique Rs.145000 and tution fees Rs.29000.So which section I have to file itr under business or under profession.
When I try to file under business need to mention Totol turnover Or gross receipts.
I don't have turnover and second need to declare profit 8% after many column Sundry creditors debtors etc. please suggest What to do previous year I have filed ITR 1 due to salary income.
4 Replies
hemant sharma
(141 Points)
Replied 24 July 2022
Add an expense in your income to derive the turnover and declare a minimum of 8% of a turnover as an income
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 24 July 2022
File ITR 4
In 8 % column fill 1.45L
In gross receipt fill it slightly more..
Sundry creditors & debtors can be '0'.
Declare only cash balance & bank balances,,,
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