Tax audit & presumptive income
This query is : Resolved
CA Manoj Kumar
(Querist)
10 July 2018
A Medical Professional (Clinic) recived Rs. 26 Lakh during 2018-18.
I want to know about the minimum profit to be shown in ITR with books of A/cs but without Tax Audit?
Does he need to get his books audited or not if he shows a profit of less than Rs. 13 Lakh?
Reply with clarity.
I want to know about the minimum profit to be shown in ITR with books of A/cs but without Tax Audit?
Does he need to get his books audited or not if he shows a profit of less than Rs. 13 Lakh?
Reply with clarity.
CA R SEETHARAMAN
(Expert)
10 July 2018
1 13 lacs profit to be shown without tax audit.
2 Tax audit applicable if less than 13 lacs profit declared.
2 Tax audit applicable if less than 13 lacs profit declared.
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