Presumptive tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 June 2013
DAER SIR
IF ANY TRADING TURNOVER EXCEEDS 1 CRORE.TAX AUDIT IS ESSENTIAL & NOT PRESUMPTIVE TAX WILL APPLIED
bUT IF TURN OVER IS BELOW 1 CRORE.WHEN PRESUMPTIVE IS APPLIED.IF NOT APPLIED 8 % .HOW IS TO TAX CALCULATED.WHETHER TAX AUDIT IS ESSENTIAL
PLZ CLARYFY
IF ANY TRADING TURNOVER EXCEEDS 1 CRORE.TAX AUDIT IS ESSENTIAL & NOT PRESUMPTIVE TAX WILL APPLIED
bUT IF TURN OVER IS BELOW 1 CRORE.WHEN PRESUMPTIVE IS APPLIED.IF NOT APPLIED 8 % .HOW IS TO TAX CALCULATED.WHETHER TAX AUDIT IS ESSENTIAL
PLZ CLARYFY
22 June 2013
The figure arrived at by applying less than 8% will be considered as the 'profits and gains of business'. Tax rates depends upon the status of the assessee. If individual at slab rates. If partnership @ 30.90%. In such cases tax audit u/s 44Ab is mandatory.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- Appointment of Auditor By Form ADT-1
- Rectification under processing even after 6 months cpc portal
- Gratuity paid to legal heir above 20 lakh is taxable or not
- TDS Return Statement Status
- Missed uploading GST Invoice
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
