Presumptive tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2013 DAER SIR

IF ANY TRADING TURNOVER EXCEEDS 1 CRORE.TAX AUDIT IS ESSENTIAL & NOT PRESUMPTIVE TAX WILL APPLIED

bUT IF TURN OVER IS BELOW 1 CRORE.WHEN PRESUMPTIVE IS APPLIED.IF NOT APPLIED 8 % .HOW IS TO TAX CALCULATED.WHETHER TAX AUDIT IS ESSENTIAL

PLZ CLARYFY

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 June 2013 The figure arrived at by applying less than 8% will be considered as the 'profits and gains of business'. Tax rates depends upon the status of the assessee. If individual at slab rates. If partnership @ 30.90%. In such cases tax audit u/s 44Ab is mandatory.