Here are the ITR for textile and clothes in India:
1. Turnover:
Textile traders whose annual turnover is more than Rs. 20 lakh are require to file ITR.
2. Type of business:
Textile traders who are register under GST are required to file ITR-3. Textile traders who are not registered under GST are require to file ITR-4.
Documents required: The following documents are required to file ITR:
- PAN card
- Aadhaar card
- GST registration certificate (if applicable)
- Bank account statement
- Income and expense details
- Due date: The due date for filing ITR for the financial year 2022-23 is 31st July 2023.
To visit: https://www.incometax.gov.in
In addition to the above, textile traders who have incurred capital gains on the sale of any textile property are also required to file ITR. The capital gains tax slab for textile traders is as follows:
- Up to Rs. 2 lakh: Nil
- Rs. 2 lakh to Rs. 3 lakh: 15%
- Rs. 3 lakh to Rs. 5 lakh: 20%
- Above Rs. 5 lakh: 30%
If you are a textile trader, it is important to file your ITR correctly and on time to avoid any penalty. You can file your ITR online or through a chartered accountant.
Here are some additional things to keep in mind when filing ITR For Textile and Clothes trader:
- You must maintain proper records of your income and expenses.
- You can claim deductions for certain expenses, such as business travel, advertising, and depreciation.
- You may need to pay advance tax if you expect your tax liability to be more than Rs. 10,000.
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