INCOME TAX FILLING

This query is : Resolved

Rakesh KUmar (Querist)
Follow

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)
Follow

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)
Follow

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)
Follow

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)
Follow

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)
Follow

15 March 2020 Adopt 44 AE Presumptive Tax option or get Tax Audit done & file your Return... no other Solution

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

INCOME TAX FILLING

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA