taxation scheme are as under:
TOTAL TURNOVER 25,00,000 IN CASE OF INDIVIDUAL, THEN 8% PROFIT COMES TO 2,00,000 BUT NOW IF
PROFITS COME TO 180000, THEN AUDIT IS COMPULSORY
IF PROFITS COME TO140000 OR LOSS THEN AUDIT IS NOT COMPULSORY BECAUSE TOTAL INCOME IS LEES THEN MAXIMUM INCOME CHARGABLE TO TAX.
(ISE KAHATE INDIA KA INCOME TAX LAW ??????????)
Presumptive Income OR AUDIT ?????
Just pay avg 2667 a Month :So if a Individual is running a business and sale of the business suppose is 60Lakh(less than 60lakh as per above section) then is presumptive Income is 8 % of 60 Lakhs =4.80 lakhs .
THANKS WITH RGDS
(NOTE:- PLS CORRECT ME IF I M WRONG ANYWHERE)