Hello sir, I am Faisal Khan R/o Farrukhabad (UP)-209625. i have a small firm and a license to run business of wholesale sugar. but my annual turnover is less than 8 lakhs.so i want to know that am i eligible to pay Income Tax Return or not because according to recent announcement of indian government, the firm having annual turnover less than 40 lakhs does not have to pay tax. pls make me clear about the matter of ITR and Tax and also GST.pls its a humble request.
Yes you are correct but that 40 lakh limit is with regard to GST, so you are not liable to pay GST of your turnover is 8 lakh but filing ITR and paying income tax depends on your income if your income is above 250000 you need to file ITR.
You can contact me if you need any further clarification on same.
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Thank you
Dear Sir,
Hope you are doing well !!
The taxpayers with an aggregate turnover of Rs 40 lakh would now be exempted from the GST.
So, you are not required to get GST registration.
However, if your annual income is above exemption limit i.e. 2.5 lakh then you are required to file income tax return.
GST
Till 31st March 2019 - those having t/o upto Rs 20 lac are not required to register for GST.
after 31st March 19 - limit increases to Rs 40 lac.
Conclusion : You are not supposed to get yourself registered for GST.
Income Tax :
Those having non -taxable income ( Net taxable profit less than 2.5 lacs) are not required to file income tax return as well as not required to pay taxes also.
In your case, you are also not required to file income tax return.
Advise: It is advisable to file income tax return ( with Zero tax liabilty). Reason being when you will require Loan from bank they will ask for 3 years return & now it is not possible to file 3 years return at a shot. i.e only one year return can be filed.
Hi
Recently announced 40 lacs turnover limit is for GST ,not for Income tax
Yes it is advisable to file Income tax return.You can opt for Presumptive tax scheme.
Hope it helps
i am going to take pepsi distributorship for my area than i have to take food license. so i have to make only registration or i have to take state license.pls tell me..in brief
Food license along with gomasta is required.
Dear Sir,
GST- No need to get the GST registration.
Income Tax- If an individual has less than Rs.2.5 lakhs of income in a year, he or she is not required to file NIL return. However, it is recommended that an individual file NIL return, even if the taxable income is less than Rs.2.5 lakhs, if he/she had filed income tax return in the previous year.
You just need to get food license.
Hi,
You will have to take food license.
There is no need to take state license.
Hi
Considering a turnover of 8lacs, profit us expected to be below 2.5 lacs. So there are no tac liabilities. Although ITR filling is not mandatory, but it is advisable to file ITR.
There are no GST implications.
