Presumptive taxation on USD income and Buying assets
This query is : Resolved
26 September 2024
All of my income is in USD. My expenses are very low.
I am filing taxes under presumptive taxation scheme for business.
If i show greater than 8% of my turnover as profit but lesser than actual profit I made, What are my risks ?
Is there risk of getting a scrutiny If I buy assets that are worth more than the income on which i paid taxes ?
Are there any risks If I put all the money in Fixed deposits or savings bank account (because of TDS)
How do I safely build assets, what are the best practices I need to follow ?
I might use services of someone who is expert in this field answers my doubts clearly. I am fast growing individual who is looking to expand and looking for best tax consultant
I am filing taxes under presumptive taxation scheme for business.
If i show greater than 8% of my turnover as profit but lesser than actual profit I made, What are my risks ?
Is there risk of getting a scrutiny If I buy assets that are worth more than the income on which i paid taxes ?
Are there any risks If I put all the money in Fixed deposits or savings bank account (because of TDS)
How do I safely build assets, what are the best practices I need to follow ?
I might use services of someone who is expert in this field answers my doubts clearly. I am fast growing individual who is looking to expand and looking for best tax consultant
26 September 2024
What is your nature of business?
26 September 2024
Are you purchasing software from market (dealer) or developer?
26 September 2024
Sir, I am building my own software and renting them on monthly basis, I also provide software development services to one client but it is 10% of my turnover
26 September 2024
That means you are service provider and your services will not fall under eligible business u/s. 44AD IT act.
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