It audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2014
Dear Sir,
i have a client. who is a labour contractor. he has not filled the income tax return since FY 2011-12. now he want to ITR filling for both years. his turn over as under:
FY 2011-12 Rs. 1.17 crore
FY 2012-13 Rs. 1.05 Crore
in view of the above tax audit is required, if we show 8% net profit on gross turnover. how can we avoid the all penalty. (return or tax audit u/s 44AB). pls explain
i have a client. who is a labour contractor. he has not filled the income tax return since FY 2011-12. now he want to ITR filling for both years. his turn over as under:
FY 2011-12 Rs. 1.17 crore
FY 2012-13 Rs. 1.05 Crore
in view of the above tax audit is required, if we show 8% net profit on gross turnover. how can we avoid the all penalty. (return or tax audit u/s 44AB). pls explain
22 February 2014
you are not eligible for 44AD, so rule out the 8%. you need to do the tax audit under 44AB and file proper tax return
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