Income tax queries

Dear Singh Sahab

1. 8% is the minimu rate u can declare higher amount of profit!
2. No not in acknowledgement but in computation
3. 8% is net profit no need to give any expenses details

This is the crux of presumptive tatxtaion and benefit t00!

regds

Sir,

Individual has two different businesses. Turnover of one business exceeds audit limit and for other, below audit limit.

Is he supposed to get audited two business accounts ?

Navin,

Yes the individual would be required to get the accounts of both the business audited

yes, rachit is right. u hav to take turnover of individual from all business and not each business.

and satvir, 8% of gross receipt and not profit. u can declare higher income but not lower. and all expenses shall be deemed to b allowed u/s 30 to 37, but if it is partnership firm u can get deduction of interest and salary to partners u/s 40(b)

Dear Navin

In case of individual turnover of all the business is to be taken into consideration ! Hence the audit is mandatory dear!

DO THE AUDIT AND ENJOY ....the PARTY

regds

Yes the individual would be required to get the accounts of both the business audited

Dear All

if u show profit less than 8% or other limits like below 5% in related cases and other income.

than Audit is also compulsory even turnover is below 40 lakhs.

Regards

THIS IS FOR CREATING AWARENESS TO THE USER'S OF "ONLINE ITR FORMS"

WHILE CLICKING THE BUTTON "CALCULATE TAX" (available on the top right  in "Taxes paid and Verification" sheet),THE FORM ITSELF AUTOMATICALLY CALCULATING THE TAX. BUT THE PROBLEM ARISES IN THE CASE OF INTEREST(U/s 234 B & C), AS THE SOFTWARE IS CONSIDERING THE OLD SLAB OF ADVANCE TAX  i.e. Rs.5000/- AS AGAINST THE NEW SLAB OF Rs.10000/-..........., THIS ISSUE NEEDS RECTIFICATION FROM THE SIDE OF SOFTWARE DEVELOPERS FOR THE INCOME TAX DEPARTMENT AND TILL THAT TIME THE USERS NEED TO BE CAUTIOUS...

THANK YOU

Pramod Kumar Jampala

Dear All

if u show profit less than 8% or other limits like below 5% in related cases and other income.

than Audit is also compulsory even turnover is below 40 lakhs.

Regards