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income tax
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)
u/s 44AD he shall be assessed,
and not required to tax audit
and not required to tax audit
but on what profit it will be assessed
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 .
book profit is higher than 6% so which profit amount going to assessed 450000/- or 525000/-
sir @ 6% ie; 450000 on such income he shall be assessed..
Is registration charge and stamp duty of second flat is allowed under 80C
On 450000 tax shall be assessed
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
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