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

CA UMESH DULAL

CA UMESH DULAL (Expert)
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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

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