- Hello experts,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
- i have so many confusion related to Income Tax , Please Please i request you all to help me, i know that this post is very lengthy but still i request you all to please read and help me,
- Let me tell you about my self, i am a small businessman , i am doing a cloth business , i take cloths from manufacturers and sale it to retailers
- for the assessment Year 2014 15 I earned a net Profit 430,000, but i don't Remember the sale amount.,,,,,,,,,,,,,,,,,,,,,,,,,,,
- I dont have any VAT number
- i have PAN Card Only
- one of my retailer told me that i should file ITRs its beneficial for me and told me to ask from CA about ITRs but CA confused me a lot , he little bit told me about Sec 44AD which is not at all clear to me,
- I searched from Internet too much but i did not got all my answers so request you all please help me,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
- Please help me i have following confusions
- 1. Please explain what is 44 AD,
- 2. i want to show in my ITR Net Profit of 430,000, and in https://incometaxindiaefiling.gov.in/
- i calculated my tax for ass year 2014 15 on 430000 is 21630, But i dont know that how much Sale i have to show for this much net Profit "430000".
- Please tell me how much sale i have to show to show that i have earned 43000 Net Profit this Year.
- 3. if i File ITR u/s 44 AD should i have to maintain any books of account for the net profit of 430000.
- 4. what is presumptive business. as i can see in "downloads" in website of https://incometaxindiaefiling.gov.in/
- Forms for ITS ITR 4: For Individuals & HUFs having income from a proprietory business or profession
- ITR 4S (SUGAM) For Individuals/HUF having income from presumptive business
- SO WHAT IS THE Differnce between ITR 4 and ITR 4S.
- 5. In what form i have to fill to file my ITR , ITR 4 , Or ITR 4S (SUGAM) PLEASE PLEASE PLEASE PLEASE HELP ME