I'm a doctor by profession with gross income below 25 lakhs. I have filled my returns for FYI17 18 in June 17 through my auditor. Now that I have to refile for some reason my auditor says according to new rule (which was missed out while filing my audit last year) I have to show at least 50% as gain (50% for professional and 8% for business) as I reaseached a bit in internet and my friends it says if the total income/turnover is less than 25 lakhs my books need not be audited.
So should I follow my auditor's advice stating that I have to recalculate everything including my expenditure and depreciation and maximum I can show only 50% of gross income?
CAclubindia
