If any individual having a Turnover of RS.55lakhs from the wholesale business and Gross total income is under 250000 i.e. below 8%
Can He File ITR without Tax audit by showing Net profit approx 4-5% ?
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Filling of ITR of Business Person
Replies (4)
Yes, unless no other income from other heads of income, and not opted presumptive assessment in previous year.....
yes he /she can do.... because his /her income below the maximum exemption limit.
if He has opted presemptive assesment in previous year how can he exit from?
is tax audit only option?
is tax audit only option?
Yes, as per sub-sec. 44AD(4) & (5) of IT act...
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