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Jatin Aggarwal (Taxation Executive )     24 July 2014

Income tax return

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?



 10 Replies

HARSH

HARSH (STUDENT)     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 

 

sushil kumar

sushil kumar ( CA Final-Audit Assistant)     24 July 2014

agree with harsh.....

Tribhuvan Aditya Singh

Tribhuvan Aditya Singh (Student as well as Self-employed)     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.
2 Like
M. N. JHA

M. N. JHA (CA)     24 July 2014

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

Arun Arora

Arun Arora (Student CA Final )     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
Brahma Nand

Brahma Nand (Finance associates)     25 July 2014

Audit mandatory if profit below 8%
Jignesh Vyas

Jignesh Vyas (Others)     25 July 2014

You have no need of audit. Just declare your your income rs.138000 or more and file return usc 44ad
Stranger

Stranger (.)     25 July 2014

100% agreed with Tribhuvan Aditya Singhyes..

kiran kumar

kiran kumar (sr.accountant)     27 July 2014

Audit mandatory if profit below 8%.Your firm as liable for pay the tax.
Jatin Aggarwal

Jatin Aggarwal (Taxation Executive )     02 August 2014

Thanks to all for ur reply


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