Presumptive taxation

Hitesh

Student

3549 Points Posted on 26 November 2018

ok...so what's the query

Parinati Shastri

acct

194 Points Posted on 26 November 2018

For professional receipts tax audit mandatory.

Hitesh

Student

3549 Points Posted on 26 November 2018

No I don't think that tax audit is mandatory for professional receipts. Yes if it exceeds specified limit then tax audit is mandatory

Paresh Raut

other

269 Points Posted on 26 November 2018

As per sec. 44AB of IT act, when gross receipt exceed 50 lakhs, tax audit is mandatory.

ganesh

student

54 Points Posted on 26 November 2018

Please suggest me if I file on presumptive basis then what about GST?

Paresh Raut

other

269 Points Posted on 26 November 2018

Presumptive assessment u/s. 44AD can only be applicable, if its eligible business and not for professional receipts.

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 26 November 2018

@ Mr Ganesh.,

*How You ask the question without any details...?
*How can take details by experts without details from You....?

*Better to ask with details then You can get exact solution from our CCI Experts...

Nitesh bind

Student CA Final

12692 Points Posted on 27 November 2018

Provide more details about your question.

ganesh

student

54 Points Posted on 28 November 2018

Asseessee:-INDIVIDUAL,
AY:2018-19,
Total credits in bank account during AY 2018-19 is Rs.1.3 Crore,
Bissiness :Paying guest (like Hostel),

Please suggest me the applicability of income tax and GST?