A shopkeeper having a grocery shop.His annual turnover is 20 lacs.
He wants to file a income Tax return.
Which ITR to be file & which net profit ratio showed
File ITR 4 with minimum 8% profit margin for cash sales/turnover.
8 Replies
sabyasachi mukherjee
(27574 Points)
Replied 30 November 2022
Sec 44AD AND OTHER SECTIONS ARE RELEVANT RELEVANT.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 30 November 2022
ITR-3 also can be filed if you have maintained the books of accounts
Varun Malhotra
(social)
(342 Points)
Replied 30 November 2022
File ITR 4, no need of books of accounts. Maintain turnover records.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 01 December 2022
If books of accounts are maintained then you can declare actual profit
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