Tax Audit Limit vs Presumptive Taxation for Professionals

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CFO- at NHTF
58280 Points Posted on 15 February 2022
Hi,

Software consultancy is the main source of income , Turnover is almost 1.5Crores for current FY.

Can we opt for presumptive Taxation ?

Is it mandatory to go for tax audit if we declare 50% profits and pay tax ?
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On 15 February 2022 at 10:44 Report
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Quick Summary
This discussion explores whether professionals, particularly software consultants with a turnover of around 1.5 Crores, can opt for presumptive taxation. It clarifies that if professional income is the sole source, a tax audit is generally mandatory. The conversation also touches on the turnover limits for presumptive taxation applicable to professionals.

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SEO Sai Gr. Hosp.
212511 Points Posted on 15 February 2022

Main source of income !!

Either segregate business & consultancy (professional) turnovers to arrive at better option; or file ITR with tax audit report for total TO as professional receipts...

Good Luck..

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On 15 February 2022 at 10:59
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CFO- at NHTF
58280 Points Posted on 15 February 2022
Professional income is the only source of Income
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On 15 February 2022 at 11:40
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SEO Sai Gr. Hosp.
212511 Points Posted on 15 February 2022

In that case TAR is mandatory....

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On 15 February 2022 at 13:21
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CFO- at NHTF
58280 Points Posted on 05 March 2022
To what extent of turnover presumptive Taxation is applicable to professionals ?
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On 05 March 2022 at 07:13

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