Presumptive tax u/s 44ad

Aboobacker (Accounts Manager) (55 Points)

27 February 2013  

Hi,

An individual is running a retails shop and he wants to file return of income in ITR-4S. He has not maintained any records and has no VAT registration. As per Kerala VAT Act, registration is compulsory when turnover exceeds 10 lakhs. In such a situation will there be any issue if he shows turn over of more than 10 lakhs in ITR?

Thanks