Income tax doubt

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  1. nirmalkk89

    nirmalkk89 New Member

    Hi,

    I am running a small shop of Egg business (buying and selling of Chicken eggs) in Kerala. My monthly turnover is around 12 lacs Rs on an average. As the margin is very low ( average margin i get from one egg is 0.05 paisa), my monthly Gross profit is around 20,000 RS. Net profit would be around 12,000 RS.
    Till now my shop is not registered under companies act or anything. All i have is - Municipality Registration, FSSAI (Kerala) Registration etc.
    Please guide me on Income tax rules on my business, what i should do? (should i register as a company or anything for income tax purpose?) please guide me what to do as my turnover is very high and profit is very minimal. also please guide me what all should i comply with? thanks in advance for your valuable time
     
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