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audit for composite dealer

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58 Points Posted on 12 July 2019
hello sir I m a composite dealer... I
deals in electronics goods... this year as per balance sheet my net profit comes 760000...which attract large amount of income tax... should I go for audit to reduce income tax ?? I didnt get income audit before...
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On 12 July 2019 at 22:31 Report
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SEO Sai Gr. Hosp.
211624 Points Posted on 13 July 2019

Its wrong concept.... that audit reduces tax liability...... Rather it confirms the tax liability as per the books!!

Get a professional, and check if sec. 44AD of the act can help.

581 Reply
On 13 July 2019 at 08:56
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95 Points Posted on 13 July 2019
what was your turnover.. if it is upto 95 lacs go for 44ad as tax libility would be same under 44ab (audit) and 44ad
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On 13 July 2019 at 09:00
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58 Points Posted on 13 July 2019
how section 44AD can be helpful?
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On 13 July 2019 at 20:40
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95 Points Posted on 13 July 2019
you will be able to avail 44ad for next 5 year irrespective of your turnover exceeding 1 crore till 2 crore subject to 8% , 6% profit declaration.. that is not required to keep books of account and audit thereof.
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On 13 July 2019 at 23:57


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