INCOME TAX FILLING

This query is : Resolved

Rakesh KUmar (Querist)
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12 March 2020 CASE
FY 2018-2019
BUSINESS : TRANSPORTATION
TOTAL TURNOVER 92 LAC
PROFIT AS PER PROFIT AND LOSS ACCOUNT 2.40 LAC
WHETHER I SHOULD FILE ITR OR NOT
AND IS IT SUBJECTED TO TAX AUDIT

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 March 2020 Profit below taxable income so tax audit not applicable. Income below 2.50 lacs so ITR filing not mandatory.

Eswar Reddy S

Eswar Reddy S (Expert)
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12 March 2020 Audit is applicable since the profit is less than 8%/6% / other rates applicable..Hence tax filing is mandatory

Eswar Reddy S

Eswar Reddy S (Expert)
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12 March 2020 Income Tax dept get info from GST database.Non filing may result in notice from IT dept. Hope you are a registered tax payer under GST

Eswar Reddy S

Eswar Reddy S (Expert)
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12 March 2020 The turnover is just nearing 1crore.High chance of selecting for scrutiny

CA M.Rajni Parthasarthy-Nov19

CA M.Rajni Parthasarthy-Nov19 (Expert)
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15 March 2020 Adopt 44 AE Presumptive Tax option or get Tax Audit done & file your Return... no other Solution

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