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Requirment for FILE A ITR first time

Nitesh Mangal (CA-PCC Articale Assistant) (269 Points)

18 December 2010

I manufacture shoes etc, i wanat to file a ITR, which type of doucemenat require and i want pay only 500 Rs, towards the tax.

In my saving A/C deposit is above 10 lacs. what i DO ???????

It"s urgent

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5 Replies

vkbothra (Learning ) (690 Points)
Replied 18 December 2010

Need more Details. just like, What is the turnover for the year.

after that, if you go with sec. 44AF, you have to show profit @ 5% of total turnover.

you need to maintain details of how you got this 10lacs?

;)

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CA Dauzi Pathan Imran Khan (Chartered Accountant in Practise) (1678 Points)
Replied 18 December 2010

Originally posted by : vkbothra
	Need more Details. just like, What is the turnover for the year. after that, if you go with sec. 44AF, you have to show profit @ 5% of total turnover. you need to maintain details of how you got this 10lacs? ;)

Nitesh Mangal (CA-PCC Articale Assistant) (269 Points)
Replied 18 December 2010

44af for retailer, 44ad for contractor, I do not want to disclose my income on specific section. Gross sale is above 10 lacs and no TDS is deducted, please send me basic requirement for filling the return first time .

vkbothra (Learning ) (690 Points)
Replied 19 December 2010

No need to disclose dear, I know in this menufacturer work, you have to file return with u/s 44AF, this because Trading / menufacturing works come into this section.

and now as per the sale, prepare Trading, P&L a/c with minimum net profit 5% of the gross trunover.

for filing return first time, you can use e-filing xml utility from IT department or you can use your own software.

create user id of the assessee in incomtaxindiaefiling.gov.in site and upload there the .xml file. and you are done ;)

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 20 December 2010

Originally posted by : Nitesh Mangal
	I manufacture shoes etc, i wanat to file a ITR, which type of doucemenat require and i want pay only 500 Rs, towards the tax. In my saving A/C deposit is above 10 lacs. what i DO ??????? It"s urgent