Profit Calculation

This discussion addresses how to file an Income Tax Return (ITR) for FY 2019-20 when profit margins are below 6% of turnover. It suggests filing ITR-4 under presumptive taxation (Section 44AD), with different profit percentages for banking and cash transactions. Crucially, it highlights that a profit below 6% necessitates a tax audit under Section 44AB, which may be required even with a day left for filing.