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