Presumptive tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2013
Dear sir
I have to ask 2 questions:
what is tax audit
1.If a professional turnover is 500000/5000000.Is presumptive tax is calculated or not?
2.Is there is necessary to maintain book of account for above professional
I have to ask 2 questions:
what is tax audit
1.If a professional turnover is 500000/5000000.Is presumptive tax is calculated or not?
2.Is there is necessary to maintain book of account for above professional
CA UMESH DULAL
(Expert)
20 June 2013
Presumptive tax is not applicable for professional income.
Maintenance of accounts depends upon nature of professional as well as turnover/income.
If turnover is 50,00,000 then you have to maintain the books of accounts and also required to get tax audit done
Maintenance of accounts depends upon nature of professional as well as turnover/income.
If turnover is 50,00,000 then you have to maintain the books of accounts and also required to get tax audit done
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