Dear Sir ,
one of my client has total sale of 80lakh In FY 2017-18.
if he don't want to opt presumptive income (minimum 8%profit).
is it possible to declare lower profit than 8% without audit in case of books maintained.
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applicability of audit
Replies (6)
It depends..audit limit is 1 crore...
and the second condition is if amount earned is through cheque then less than 8% and if amount is earned through any other mode then it is less than 6%
and the second condition is if amount earned is through cheque then less than 8% and if amount is earned through any other mode then it is less than 6%
Sir audit limit is 2 crores and not 1 crore
mohit ji,
can I file income tax return by declaring less than 8 % on case of books maintained without audit.
can I file income tax return by declaring less than 8 % on case of books maintained without audit.
Revised limit is 2 crores..for A.Y.18-19
Profit should be less than 6%..
If not then tax audit is required..
Profit should be less than 6%..
If not then tax audit is required..
If you want ti file the returns showing less than 8%, you need to get the books auditedd by a Chartered Accountant. The section is clear about it
I want statutory audit compliance under GST. Any body can help me regarding this. I need urgently
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