Business income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2016
i'm doing engineer consultant service business. my business type is sole proprietor. my total turnover for the year is nearly 15lakhs. my total expenditure vil be around 13lakhs. I pay service tax and TDs is also deductibles. 1. Do I need to get my accounts audited? 2. What vil be my taxable income? is tat possible to get refund of TDS? 3. I need to file return in my name or in my ENTERPRISES name? kindly advise.
21 January 2016
1 No need of audit till your turnover exceeds 25 lacs.
2 Your taxable income is 2 lacs which is below basic exemption limit so you will get refund of entire TDS deducted.
3 You need to file return in your name.
2 Your taxable income is 2 lacs which is below basic exemption limit so you will get refund of entire TDS deducted.
3 You need to file return in your name.
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