THE DETAILS OF THE INCOME OF AN INDIVIDUAL ARE AS UNDER:-
1. INCOME FROM SALARY IS Rs.96000.
2. INCOME FROM OTHER SOURCES IS Rs. 31000.
3. THE TURNOVER OF BUSINESS IS Rs. 17 LAKH AND THE PROFIT IS Rs.72800 i.e THE PROFIT IS 4.28% OF TURNOVER.
HE HAD MAINTAIN BOOKS OF ACCOUNTS
I THINK IN THE EVENT WHEN THE PROFIT IS BELOW THE TAXABLE INCOME AND THE TURNOVER IS ALSO BELOW Rs. 1 CRORE,THERE IS NO NEED TO GET BOOKS OF ACCOUNTS AUDITED AND IN THE ABOVE CASE HE CAN SUMBIT HIS INCOME TAX RETURN WITH SHOWING THE BUSINESS PROFIT OF Rs. 72800 WITHOUT AUDIT REPORT. EVEN THOUGH THE BUSINESS INCOME IS BEING BELOW 8% UNDER SECTION 44AD.
PLEASE TELL ME AM I RIGHT OR NOT?
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Replies (4)
Wrong. You have to show at least 8% profit or get tax audit done.
HI RAVI,
the taxpayer will have to get his books of account audited if his total income exceeds the exemption limit. In your case limit is not crossed hence, not liable to audit the account in view of the basic limit is rs. 2 lac.
| Originally posted by : AKSHAY JAIN | ||
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WIll the answer be different in case of firm having turnover of Rs.30 Lakhs and incur Dereciation or Business Loss. Pl any one clarify.
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