Profit Calculation

ITR Filing 274 views 3 replies

Dear Sir/ Madam,

in the F.Y 2019-20 My Profit Is Below 6 % Of Turn Over and the Turn Over Is same as GST but the audit has not been done with in specified period and all the transactions are from bank and few were in cash.So, Now in this situation I want to File My ITR Can You suggest the way to file the return in proper way.

Thanks and Regards 

Replies (3)
As per my opinion you filling itr - 4 return showing profits 6% on turnover as a transactions with banking channles and 8% on turnover as a transaction in cash under a prusmptive income . here is only one day left for filling of itr so compute tax liability and paid though challan and filling return
File ITR 4 and audit is required as Profit is less than 6% of turnover which is lower than deemed income. It is presumptive taxation basis u/s 44AD and tax audit is applicable u/s 44AB
Have to show profit minimum 6%and above. otherwise audit requirement will arise.


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