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Presumptive taxation
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 ??
Replies (4)
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
In a way it will be a case of under reporting of Income in case you face eProceeding
https://www.caclubindia.com/forum/presumptive-taxation-query-462993.asp
Yes, definitely it will be a case of under reporting
| Originally posted by : CA Jyotsna Saraswat | ||
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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...
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