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Business income

sidhigiri (Ipcc) (236 Points)

22 July 2017

Is assesse have to decalred minimum business income of 8 percent upto turnover of 1 crore?

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 22 July 2017

Yes. 8% profit ll be shown....

sidhigiri (Ipcc) (236 Points)
Replied 22 July 2017

Today i filed ITR of a partnership firm havinf total turnover of Rs 3200000 ,having loss of rs 10500 after partner intr and salary. Is the return is invalid? Becasue income is less den 8 percent

RAJA P M ("Do the Right Thing...!!!") (127542 Points)
Replied 22 July 2017

Assessee means Individual...!!!

Partnership firm ll be file ITR lesser than 8% .its to auditable.

Narayan Shivhare (204 Points)
Replied 22 July 2017

Lose return in not invalid if u show Ur profit below 8%/6% than u have to Audit Ur account and than u have to file Audit report with ITR,

Narayan Shivhare (204 Points)
Replied 22 July 2017

If u not follow process u may face problem under sec 139(9)

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