If your turnover does not exceed 2 crores rupees during the financial year, you can opt for presumptive taxation and offer 8? of your turnover as your profit from business and file ITR 4S.
ITR 4S does not require you to prepare full fledged accounts. A simple cash book and bank book is enough. You don't need to maintain records of your business expenses. It is advisable to file ITR 4S when actual profit is 8? or more than that.
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