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Masala agency itr4(sugam)
SIR I AM RUNNING MASALA AGENCY ITEMS 2. BUT NO ACCOUNTS MAINTAIN F.Y.2016-2017- A.Y.2017-218 3. MY TOTAL TURNOVER EXCEED RS.1 CRORE 45 LAKHS (1.45)
4. CAN I FILE ITR4(SUGAM) 5. 1 CRORES CROSSING BUT WE CALCULATE DIRECTLY 14500000*8% IS IT OK OR NOT-44AD 6. IS IT TAX AUDIT APPLICABLE 7. PLEASE CLEARLY ANSWER ME 8. MASALA AGENCY PRODUCT IS IT APPLICABLE THIS ITR4SUGAM FORM
9. PLEASE INFORM ME
Replies (2)
For AY 2017-18, you can declare your income of masala goods trading business (not for general agency), having turnover of 1.45 Cr in previous year, u/s. 44AD. No books of accounts to be maintained and hence no tax audit applicable.
if your turnover more than one crore you must maintain your books of account , but you are not liable for audit
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