banner_ad

Presumptive taxation

Others 283 views 4 replies
User Avatar

23 Points Posted on 12 September 2019
In a partnership firm if actual income is more than 6 % but showed 6 % as per presumptive taxation as all income are from banking transaction and no books of account is maintained..... than will it be under reporting of income in the eyes of income tax ??
0 Reply Share Follow
On 12 September 2019 at 12:43 Report
Replies (4)
User Avatar

17264 Points Posted on 12 September 2019
The condition is minimum 6% profit of turnover but if actual is more than 6%, you are required to declare more one.

In a way it will be a case of under reporting of Income in case you face eProceeding
Reply
On 12 September 2019 at 12:50
User Avatar

Autodidact/Curious
638 Points Posted on 13 September 2019

https://www.caclubindia.com/forum/presumptive-taxation-query-462993.asp

Reply
On 13 September 2019 at 04:28
Guest
Yes, definitely it will be a case of under reporting
Reply
On 13 September 2019 at 15:25
User Avatar

Autodidact/Curious
638 Points Posted on 13 September 2019
Originally posted by : CA Jyotsna Saraswat
Yes, definitely it will be a case of under reporting

Please check the link in my last/above post.... Legal interpretation of " Presumptive taxation " already discussed there...
Reply
On 13 September 2019 at 16:20


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details