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Tax return for small shop owner
Hi forum,
One of my friend own a small retail shop. His annual turn over is around below the 1.8Lac's limit. He did not maintain the records of his sales now he need to file the income tax return.
Now
Does he need to use ITR-4 for filing return?
Can he file retun in next month (August 2012)?
Does he need to pay professional tax?
Replies (6)
Dear bhaskar, as your freinds income is below the exemption limit, he can file his ROI in aug12.
Thanks Giridhar!!
Does he need to pay professional tax?
no not required (professional tax also)
its a business income and comes under head PGBP
but income is within exemption limit
so not required
Dear Bhaskar in whihc state does your freind reside, the PT is levied at different rates by the different states. So the PT liability would arise depending upon the state in which your freind resides.
Thanks Anushree..!!
Giridhar he resides in Maharashtra..!!
In Maharashtra there iscompulosry to Pay Profession Tax of Every shop Owner under Entry No10.
It is better to file ITR4S to the ITD
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