I t return

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Anil Bhawasinka (Querist)
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27 August 2019 FY 18-19
GST registered 'individual' dealer
Sale about 30 lakh pa
GP 7-8% NP- Rs 60000/ i.e 2%
Sir my query is whether it is mandatory to File IT return.
Whether Audit is required
No IT return filed for last few years as business was in loss. Pl advice
Thanking you Anil

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 August 2019 Audit and filing of return not required as you are earning income below 2.50 lacs.

Anil Bhawasinka

Anil Bhawasinka (Querist)
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28 August 2019 If my business is retail even then the answer will be same

Anil Bhawasinka

Anil Bhawasinka (Querist)
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28 August 2019 If my business is retail even then the answer will be same ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 August 2019 Yes............................................................

Anil Bhawasinka

Anil Bhawasinka (Querist)
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28 August 2019 Another view is that as NP is less than 8% it is mandatory to have an audit report or the assessment will be done assuming NP 10%.is this right?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 August 2019 Audit not required as income below taxable limit.

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