I’m a dealer, what’s the threshold restrict of Revenue Tax for merchants? Do I’ve to file my ITR return compulsorily?
There isn’t any distinction so far as the brink restrict for cost of revenue tax is anxious whether or not you’re a salaried particular person or a dealer. The one distinction relies on age. For all of the individuals who’re or have accomplished 60 years of their age through the yr, the brink restrict is 3 lakhs whereas for these beneath this threshold it’s 2.50 lakhs each year. For individuals who have accomplished 80 years of age as on thirty first March, the essential exemption restrict is 5 lakhs.
As there is no such thing as a distinction between dealer and different classes tax payers, a dealer additionally should file his return of revenue if his complete mixture of all his revenue earlier than deduction of merchandise like PF, NSC PPF, LIP, reimbursement of housing mortgage, mediclaim premium and so on. is above the minimal threshold restrict talked about above. Due date for submitting of return is usually thirty first July which has been prolonged until thirty first December 2021 this yr in case your accounts aren’t required to be audited.
Please notice that if the entire turnover of the dealer exceeds specified limits through the monetary yr, the dealer has to get his accounts audited from a Chartered Accountant and acquire an audit report earlier than one month of due date of submitting of the ITR. A dealer has to supply revenue as a sure specified share of his turnover. Nonetheless, if his internet revenue are decrease than the required share of the turnover, he has to get his accounts audited even when his turnover is beneath the required limits. Please notice that this yr fifteenth February is the final date for submitting of an ITR for the dealer in case his accounts are required to be audited.
Balwant Jain is a tax and funding professional and might be reached on jainbalwant@gmail.com and @jainbalwant on Twitter.
Supply: Live Mint