INCOME TAX FILLING
This query is : Resolved
Quick Summary
Rakesh KUmar
(Querist)
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
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
(Expert)
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
(Expert)
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
(Expert)
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
(Expert)
12 March 2020
The turnover is just nearing 1crore.High chance of selecting for scrutiny
15 March 2020
Adopt 44 AE Presumptive Tax option or get Tax Audit done & file your Return... no other Solution
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