Income tax return
This query is : Resolved
09 June 2014
My friend has a partnership firm which has turnover amounting 25 lakh and there are no supporting expenditure for the same.
Is there any way by which she(the firm) doesnot fall under the purview of presumptive tax.
Is there any way by which she(the firm) doesnot fall under the purview of presumptive tax.
09 June 2014
once the gross turnover exceeds rs 25 lakhs then tax audit apppliues in case if she is professional and exp are to be ignored for this purpose as per sec 44AB
09 June 2014
Agree with Expert Tushar.
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09 June 2014
Ok thank you sir
Basically she has a turnover of Rs. 25 Lakhs and in business so is it better to procure the bills and claim exenditure get it audited and and file by 30-09
Basically she has a turnover of Rs. 25 Lakhs and in business so is it better to procure the bills and claim exenditure get it audited and and file by 30-09
10 June 2014
yes to be on safer side and to avoid any penalty and further consequences.
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