I started business in the year F.y.2017-18 and my turnover is 90,00,000/- shall I decelear less than 8/- percentage, and maintained books of accounts, compulsory audit report is required
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Income tax
Replies (4)
If you have received amount by banking method than your can delclare profit @ 6% and no audit is require.
your turnover is less than 1cr there is no need to do tax Audit. if your turnover would be greater than 1cr and upto 2cr then you have option to go for audit or sec 44AD. In your case audit is not applicable.
you have to maintain books and audit if u want declare profit less than 8%
profit @ 6% of the turnover can be declared which is realized before the due date of filing through banking channel.
audit in your case is required when your net income is more than 250000 basic exemption limit.
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