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Audit of business or profession

This query is : Resolved 

19 March 2018 In case of a proprietorship Steel trading concerm, where turnover is Rs.75 lacs, and profit around 50000, is it compulsory to get audit done u/s 44 (otherwise 8% profit to be surrendered).
Also, is there a rule to declare 50% as income in case of professional reciept ?

19 March 2018 1 yes tax audit under section 44AB applicable if you declare less than 8% profit.
2 yes 44ADA applicable for professional to declare 50% profit

20 March 2018 in T.O amount including tax or excluding tax which is to be taken ?


20 March 2018 Exclusive of taxes to be taken.



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