what is the minimum turnover for filing a return for trading company
and is there any relaxation in IT slab for the senior citizen
9 Replies
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 08 April 2021
There is no such minimum turnover for filing a return of trading income.
However, in case of individual and HUF if the total income(taxable income) is less than Rs. 2,50,000 for a financial year then you are not required to file income tax return.
In case of senior citizens(60 years to 80 years) return is required if the total income is more than Rs. 3,00,000
prasad Nilugal
(3914 Points)
Replied 08 April 2021
As per Budget 21 , exemption is given to Sr Citizen more than 75 years age for filing Income Tax return , having pension and Interest Income . As Sharma madam mentioned above more than 300000/- return is required .
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 08 April 2021
Upto 250000 rupees income tax is exempt.
If turnover exceeds 5 crores rupees then tax audit is applicable provided that cash receipts and payments should be 5% of total receipts and payments and 95% should be in online mode.
For senior citizens of 60 years of age income upto 300000 rupees is exempt and for super senior citizens of 80 years of age income upto 500000 rupees is exempt from ITR return.
Senior citizen who have only income from pension and interest income is not required to file ITR return.
If turnover exceeds 5 crores rupees then tax audit is applicable provided that cash receipts and payments should be 5% of total receipts and payments and 95% should be in online mode.
For senior citizens of 60 years of age income upto 300000 rupees is exempt and for super senior citizens of 80 years of age income upto 500000 rupees is exempt from ITR return.
Senior citizen who have only income from pension and interest income is not required to file ITR return.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 08 April 2021
Agree with Puja, No exemption limit in case of COMPANIES..
sayad
(Executive)
(203 Points)
Replied 09 April 2021
HI All tanks you so much for your valuable comments
sayad
(Executive)
(203 Points)
Replied 08 May 2021
Hi can someone help me with journal entries
case 1
A civil contractor gives cash to his supervisor who manages different sites he spend cash received on small purchases at site and other expenses at site he also use this money to make part payment to subcontractors and at the end of the months supervisor submit it expenditures record to office
the subcontractors also submit their bill for final payment minus the amount received from site supervisor
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