hello.. I m running electronics shop... my net profit for fy 2018-19 comes 861000...tht attract big amount of income tax...turnover was approx. 8000000.
I m composition dealer... is there any way to reduce income tax??
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Income tax
Replies (6)
you can opt presumptive income option. in this you need to show 8 percent of total turnover as your taxable income and if there is sale whose payment received through bank then for that income 6 percent of total income will be taxable income.
You can file your return under Section 44AD of Income Tax as your Turnover does not exceed Rs 2 crore.
Offer 8% income from turnover and file ur return with minimum tax
Add some fake expenses if you have cash available ,but your profit should be up to 650000/-. 150000deduction. hence your tax would be reduced.
Take full 150000 benefit under 80C
Hi Gaurav, I have the best solution to your problem. If you really want to reduce the amount of your income tax then you can search about TradenFill on Google. They have the best solution to your problem. I have also the same kind of problem and they helped me so much in this case.
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