My friend do waste paper business on daily basis.He purchase some waste paper like waste carton boxes, waste newspaper, waste textbooks etc from kirana stores and sell it wholesellers in the market. He does all transaction in cash. He has no registered business and no vat certificate nothing. He earns good income in the range of 2.5 to 3 lacs per year. How he has to file his returns under which section. please guide.
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Unregistered wastepaper scrap business on daily basis
Replies (5)
What is the turn over? Any liability to register under VAT?
For IT income ITR 4 can be filed.
Sir, the turnover is around 30 to 40 lacs but he doesn't have any registered vat certicate or tin number everything he does in cash only. All in all it's a unregistered business. He doesn't have any income or payment receipts. he do all business in cash only. his bank statement shows aroung 4 to 5 lacs deposits and withdrawls.
The deposits that he do is all about from profits that he get from his business overall as per his explanation he earns around 3 to 4 laks as in income per year.
I hope your query is not related to issue after demonetization.
For Income tax purpose, he can even file ITR 4S, and need not maintain books of accounts.
But for other complience like Gumasta license, VAT registration etc, he will have to get registered, wherever applicable.
Sir, the query is certainly not related to the issue after demonitisation.
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