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
CAclubindia
