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Income tax

08 August 2019

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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6 Replies

Shweta Gupta (Assistant Manager) (224 Points)
Replied 08 August 2019

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.

Jalpa Joshi ( ) (86 Points)
Replied 08 August 2019

You can file your return under Section 44AD of Income Tax as your Turnover does not exceed Rs 2 crore.

sundhar jkn (205 Points)
Replied 09 August 2019

Offer 8% income from turnover and file ur return with minimum tax

Siddharth Parmar (ipcc student) (61 Points)
Replied 09 August 2019

Add some fake expenses if you have cash available ,but your profit should be up to 650000/-. 150000deduction. hence your tax would be reduced.

Kapadia Pravin (17249 Points)
Replied 09 August 2019

Take full 150000 benefit under 80C

Dimpi Sharma (Job) (60 Points)
Replied 10 August 2019

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.