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Tds

Koyal (CA Job) (65 Points)

14 February 2015

Is it necessary to pay tax for a shopkeeper whose monthly or yearly income is not fix???

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5 Replies

monika ahuja (Student CA Final ) (85 Points)
Replied 14 February 2015

Please clarify which tax? are you asking about advance tax

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sahil gupta (Professional) (93 Points)
Replied 15 February 2015

if the shop runs as a proprietorship and it is not having a turnover exceeding 1crore, he is not required to deduct tax while making payment for : Interest under section 194A payment to contractor 194C commission 194H rent 194I professionals 194J

Ramanuj (Accountant.) (834 Points)
Replied 16 February 2015

Dear all

I any one return file u/s 44 ad then not required as deposit advnace tax & TDS Dedected above transaction crossed 1 crore .

Thanks

Ramanuj

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
Replied 16 February 2015

The liable to pay self assessment tax u/s.140A or Advance tax or follow TDS Provisions will depend upon whether you are tax payer or not. If shopkeeper has net income (Sale proceeds - Expenditure allowed as expenses as per Income tax act) exceeds maximum amount not chargable to tax i.e basic exemption limit, you are liable to file and pay tax as per appropriates of tax. You shold be aware that before giving deductions u/s. 80C to 80U, check whether your income exceeds Basic exemption limit as per Income tax rules. As above professional said, you should get your books audited by CHARTERED ACCOUNTANT if your turnover or gross receipts exceeds One crore in Financial Year. If your turnover is below one crore you can file return with out your bools getiing audited and with out auditor sign. As you said you are sole concern, Basic exemption limit will be available for all Incomes (Other than casual Income and to NRI agianst Capital gain) against aggregate of all incomes after availing deductions under sections 80C to 80U. Basic exemption will vary depending upon age of assessee.

Arif Ali (Apt Co Advisory) (1230 Points)
Replied 16 February 2015

Originally posted by : Koyal
	Is it necessary to pay tax for a shopkeeper whose monthly or yearly income is not fix???

Hi Koyal, I think you are asking about deduction and payment of TDS. if your question is as same. then if shopkeeper having turnover of exceeding 1 cr in a financial year, then he has to get the tax audit u/s 44AB. then in next financial year he is to liable to dedcuct TDS and payment of same if provision of tds applied there.