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Income tax return

Tax queries 1024 views 10 replies
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Taxation Executive
43 Points Posted on 24 July 2014

For Asst. Year 2014-15,

My Business turnover is Rs. 17,25,000.00 and Net Profit comes out to be Rs. 66,000.00 i.e. below 8% 

Is audit applicable to me?

How can I file my Income Tax Return?

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On 24 July 2014 at 19:42 Report
Replies (10)
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STUDENT
524 Points Posted on 24 July 2014

HIII JATIN

AS PER MY KNOWLEDGE AS YOUR NP IS BELOW 8% YOU ARE LIABLE TO AUDIT

YOU CAN FILE YOUR RETURN AFTER GETTING YOUR BOOKS AUDITED 

 

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On 24 July 2014 at 20:05
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CA Final-Audit Assistant
528 Points Posted on 24 July 2014

agree with harsh.....

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On 24 July 2014 at 20:11
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Student as well as Self-employed
3710 Points Posted on 24 July 2014
you need to gets your accounts audited and then file your return by 30th sept...... or there is one more way, show your income at the rate of 8% or at such rate that your net profit still remains below taxable limit. this way you will neither pay tax nor be liable for audit....... choice is yours though i will not suggest you second option.
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On 24 July 2014 at 20:48
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CA
8316 Points Posted on 24 July 2014

yes audit is applicabe in your case... gets your account audit before filling else show profit above 8%........ 

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On 24 July 2014 at 21:54
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Student CA Final
21 Points Posted on 25 July 2014
If yours profit is computed u/s 44ad presumptive income then audit condition otherwise no need to audit just file itr 4
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On 25 July 2014 at 00:59
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Finance associates
63 Points Posted on 25 July 2014
Audit mandatory if profit below 8%
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On 25 July 2014 at 01:37
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Others
57 Points Posted on 25 July 2014
You have no need of audit. Just declare your your income rs.138000 or more and file return usc 44ad
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On 25 July 2014 at 09:53
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.
5531 Points Posted on 25 July 2014

100% agreed with Tribhuvan Aditya Singhyes..

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On 25 July 2014 at 16:59
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sr.accountant
26 Points Posted on 27 July 2014
Audit mandatory if profit below 8%.Your firm as liable for pay the tax.
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On 27 July 2014 at 11:15
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Taxation Executive
43 Points Posted on 02 August 2014

Thanks to all for ur reply

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On 02 August 2014 at 11:24


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