We have not done tax audit
This query is : Resolved
vijay kumar chandra
(Querist)
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
(Expert)
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.
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.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
