Filing of Income Tax Return

Querist : Anonymous (Querist) 14 April 2010 This query is : Resolved
How a person can file his inocme tax return for the year 2009-10 if he is diong the business of tent service and his net income for the year 2009-10 is above Rs. 165000.00

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A V Vishal (Expert) 14 April 2010
You can file your return of income in ITR-4 for the F Y 2009-2010. However, the quantum of receipts is not clear in your case. If your annual gross receipts is less than 40 lacs the due date is 31st July 2010. Further you can claim all business deductions from your gross receipts and also deduction upto Rs.1.00 lac under 80C if you have made any savings viz LIC, PPF etc...I must advise that you visit a local CA who can do the needful.

Raj Kumar Makkad (Expert) 15 April 2010
I concur with vishal.

Vineet (Expert) 15 April 2010
Dear Sir, Agree with Vishal that you need to provide more inputs regarding turnover of business and how the income has been calculated.

For IT purposes simple receipts minus expenditure is not income. There is concept of capital receipts and expenditure which is given different treatment. Then what about depreciation, has it been considered in your income computation. So it is better that first the person gets his taxable income determined by an experienced accountant (I won't stress on Chartered Accountant as it is not mandatory if the case is not auditable). Once that is done you can even file your return online till 31-3-2011. I presume the person already posseses PAN, if not apply for one immediately.

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