Is assesse have to decalred minimum business income of 8 percent upto turnover of 1 crore?
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Business income
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Yes. 8% profit ll be shown....
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
Assessee means Individual...!!!
Partnership firm ll be file ITR lesser than 8% .its to auditable.
Partnership firm ll be file ITR lesser than 8% .its to auditable.
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,
If u not follow process u may face problem under sec 139(9)
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