I t return
This query is : Resolved
Anil Bhawasinka
(Querist)
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
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
(Expert)
28 August 2019
Audit and filing of return not required as you are earning income below 2.50 lacs.
Anil Bhawasinka
(Querist)
28 August 2019
If my business is retail even then the answer will be same
Anil Bhawasinka
(Querist)
28 August 2019
If my business is retail even then the answer will be same ?
CA R SEETHARAMAN
(Expert)
28 August 2019
Yes............................................................
Anil Bhawasinka
(Querist)
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
(Expert)
29 August 2019
Audit not required as income below taxable limit.
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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Appointment of Auditor By Form ADT-1
- ARCA LOGIN
- Closer of business and itc of capital goods
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
