Audit of business or profession
This query is : Resolved
SANDEEP AGRAWAL
(Querist)
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 ?
Also, is there a rule to declare 50% as income in case of professional reciept ?
CA R SEETHARAMAN
(Expert)
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
2 yes 44ADA applicable for professional to declare 50% profit
Message likes :
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Gokul Sharma
(Expert)
20 March 2018
in T.O amount including tax or excluding tax which is to be taken ?
CA R SEETHARAMAN
(Expert)
20 March 2018
Exclusive of taxes to be taken.
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