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Profits from professional income and business oncome

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102 Points Posted on 23 June 2018
Can we show profit from business/ profession less than 8% or 50% as the case may be if proper books of account are maintained and if we don't opt presumptive scheme of income tax without any tax audit.
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On 23 June 2018 at 19:31 Report
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SEO Sai Gr. Hosp.
211624 Points Posted on 23 June 2018

No 

 

581 Reply
On 23 June 2018 at 19:39
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102 Points Posted on 23 June 2018
but why ?? if we have done all our expenses via bank then there is any need of tax audit
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On 23 June 2018 at 19:45
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"Do the Right Thing...!!!"
128147 Points Posted on 23 June 2018
Bcoz,
If we will show less than the said limit the details will be authorized by a CA through TAX AUDIT...
463 Reply
On 23 June 2018 at 20:19
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102 Points Posted on 23 June 2018
So the conclusion is that if books of accounts are maintained and we want to show profit less than the specified limit then it will pass through tax audit
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On 23 June 2018 at 20:22
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12244 Points Posted on 23 June 2018
yes it should be audited if we show less 8% /50%
35 Reply
On 23 June 2018 at 23:12
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"Do the Right Thing...!!!"
128147 Points Posted on 24 June 2018
Yes... It will through Tax Audit...

But, In case the T/O limit is less than the Tax Audit and the Profit is BEL then You can avoid TA. But, it's applicable to Individuals...
463 Reply
On 24 June 2018 at 06:46


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