ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Presumptive Scheme or Tax Audit

Rashmi (Accountant) (139 Points)

14 October 2021  

Hi,

1- The company I am working with is a contractor for construction business, for the F.Y. 19-20 we had tax Aduit due to turnover threshold, but for the last F.Y. 20-21 our company manage cross 98 lakhs only, our CA insisting for Tax audit, when we have profit around 15 lakhs, but my Boss asking me to find the way for not doing audit, that because we are neither crossed the threshold limit nor suffering from a loss, but this year(F.Y.21-22) it will be more than the threshold limit, so my question is can we file our income tax return under presumptive scheme, or we can  still file regular return without going for an audit as we are not coming under any statutory obligations. (Note- Cash withdrawals or payments are less than 5 lakhs during the year)

 

2- My Boss's having another concern in his brothers name which running under loss since 3 years not having business more than 10 lakhs per year and still having a loss of 12 lakhs, can we filed his income tax under presumptive scheme for F.Y. 20-21.

Thank you.

Rashmi

 

 


 3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (108049 Points)
Replied 14 October 2021

Are you working in Pvt. Ltd co., or firm?

Give full details........ what you mean by company?

Rashmi (Accountant) (139 Points)
Replied 16 October 2021

Thank you sir,

I am working with a proprietorship firm, and all mentioned companies are proprietorship, please guide sir, your valuable inputs are most welcome sir.

Kev Men (228 Points)
Replied 23 October 2021

In the 1st case...you can file for regular Income Tax Return without tax audit for FY 2020-21.

In the 2nd case I am assuming that the proprietorship is in your Boss' brother's PAN...he can file return under presumptive scheme if his business is not an agency business and he does not receive commission or brokerage. Also he won't be able to carry forward the Rs. 12 lakhs loss.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading



Subscribe to the latest topics :
Search Forum:

Trending Tags