We have not done tax audit

This query is : Resolved

vijay kumar chandra (Querist)
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21 November 2013 our turnover. is 86 lack and we show net profit. is 3.27 lack without tax audit so. now what can i do can i pay income tax as per net. profit. 8% or any suggestions

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 November 2013 Dear Vijay,

1. You need to maintain proper accounts as per 44AA, then

2. you need to get your accounts audited under 44AB

3. Once the above is done, you may pay taxes on net basis.

Given that paying under presumptive basis almost doubles your tax liability, it is advisable to go for net basis and get the accounts audited.

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