Applicability of tax audits
This query is : Resolved
13 July 2019
Hello Experts, I have a partnership firm and my turnover is 126000 for FY 19-20 and my net profit after deducting interest on capital is 6300 which is less than 6%. The tax liability in this case comes to 1900 approx. So do I need to do tax Audit in this case as profit is shown less than 8%. If yes, please let us know if there is any way to avoid tax audit as that would be real burden on us to do Tax audits? Please guide and suggest.
13 July 2019
FY 19-20. Turnover Rs. 1,26,000/-.Hypothetical Situation. CA Final student. Don't
hoist question for a question.
hoist question for a question.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
