Dear Sir/Madame
I have a professional income of RS 2,00,000/- on which TDS under section 194J is made at 10%.
Also I have salary income of RS 2,50,000/-.
Under which of the following circumstances will I fall under the purview of tax audit
a) if I show income from profession as an amount < 1,00,000/-
b) if I opt for Presumptive taxation and show income from profession at 1,00,000/- (50%)
c) if i declare whole of 2,00,00/- as income from profession?
Your guidance will be at most help
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44ADA
Replies (3)
1. If you show income < Rs. 100000/- then u have to get your accounts audited.
2 & 3. You can declare income equal to or more than 50% of turnover without getting your accounts audited.
Thank you !!
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