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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audit for composite dealer
Replies (4)
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.
what was your turnover.. if it is upto 95 lacs go for 44ad as tax libility would be same under 44ab (audit) and 44ad
how section 44AD can be helpful?
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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