Profit lower than 8% of turn over
This query is : Open
04 August 2016
IF ANY ONE HAVE BUSINESS TURN OVER OF RS. 9000000 (90 LAKH) BUT HE HAVE NET PROFIT ONLY RS. 180000 (2%OF TURN OVER)
SO QUESTION ARISE
. IS AUDIT COMPULSORY ?
. CAN HE FILE ITR 4 ?
SO QUESTION ARISE
. IS AUDIT COMPULSORY ?
. CAN HE FILE ITR 4 ?
04 August 2016
nope tax audit not applied..
04 August 2016
tax audit is compulsory in case If such person claims that the profits are lower than the profits computed under 44 AD and if his income exceeds the maximum amount not chargeable to tax in relevant year... In your case profit is less than 8% but it is less than the limit i. e. Rs 250000/- which is chargeable to tax...
04 August 2016
IF OTHER SOURCE INCOME IS 80000 + BUSINESS INCOME IS 180000
TOTAL 260000 WHAT WILL BE IN THIS CONDITION?
TOTAL 260000 WHAT WILL BE IN THIS CONDITION?
04 August 2016
If your total income exceeds the maximum amount which is not chargeable to income-tax, then ......in your situation tax audit is applicable. If you show only Rs. 180,000 (2% on turnover) as your net profit, then you need to maintain books of account.
04 August 2016
if gross income i. e. including other source income exceeds thus tax audit is mandatory
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