professional income

20 July 2018

if I only have professional income and I m declaring only 20%profit on it in ITR 3 than what will be the consequences????

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194843 Points)
Replied 20 July 2018

Expect defective notice..

2 Like

Anjali Jain (148 Points)
Replied 20 July 2018

if the income is less than 50% than no issue regarding audit ???

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194843 Points)
Replied 20 July 2018

Audit u/s. 44AB mandatory, provided total income exceeds the maximum amount which is not chargeable to income-tax.

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rama krishnan (12244 Points)
Replied 20 July 2018

under presumptive taxation you need to declare minimum 50% of total receipts as your total income if not undergo audit your books under 44ab

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Anjali Jain (148 Points)
Replied 20 July 2018

okay
thank you sir for your guidance!!!!

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194843 Points)
Replied 21 July 2018

Most Welcome ...

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RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 21 July 2018

Good Morning My Dear Mr Dhirajlal Rambhia Sir...

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194843 Points)
Replied 21 July 2018

Good Morning, Dear ...

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