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income tax

222 views 8 replies

surendra jain

91 Points Joined July 2018

if turnover is 75 lakh in cheque and profit at @ 6% is Rs 450000/- but book profit is 525000/-so please let me know under under which section it will assessed if assessed on 525000/-than under 44AD it will be audited or not

Replies (8)

Saket Mishra

367 Points Joined June 2019

u/s 44AD he shall be assessed,
and not required to tax audit

surendra jain

91 Points Joined July 2018

but on what profit it will be assessed

Ajay kumar sharma

63 Points Joined May 2018

SINCE Total Turnover does not exceeds 1 Crore no requirement of tax audit So tax assessed on that part of profit which comes out 6% Or 8% as the case may be .

surendra jain

91 Points Joined July 2018

book profit is higher than 6% so which profit amount going to assessed 450000/- or 525000/-

Saket Mishra

367 Points Joined June 2019

sir @ 6% ie; 450000 on such income he shall be assessed..

surendra jain

91 Points Joined July 2018

Is registration charge and stamp duty of second flat is allowed under 80C

Ajay kumar sharma

63 Points Joined May 2018

On 450000 tax shall be assessed

Om Goyal

445 Points Joined May 2017

u will have to fill profit Col in ITR of 4.5 lakh minimum however if u show pat 5.25 lakh then it will be accepted since it is more & tax audit u decide but better to show actual 5.25 lakhs