IF the turnover of assessee is below Rs 50 lacs but profit
declared is less than 5% of turnover . IS he subject to tax
audit?
Answers were Sorted based on User's Feedback
AS PER INCOME TAX ACT-1961 ,TAX AUDIT U/S 44AB IS APPLICABLE
ONLY WHEN THE TURNOVER OF THE ASSESSEE EXCEEDS 60LAKS
AND IF THE ASSESEE IS CHOOSE TO DECLARE HIS INCOME UNDER
PRESUMPTIVE TAXATION I.E., UNDER 44AD/44AE.....THE TURNOVER
SHOULD BE LESS THAN 60 LAKS
SO IN THE GIVEN QUESTION THE TURNOVER IS 50 LAKS.SO HE IS
EXEMPTED FROM 44AB.
AND HE CAN DECLARE LOWER INCOME THAN UNDER 44AE/44AD WITH
REQUIRED INFORMATION SA SPECIFIED UNDER THE ACT.
Is This Answer Correct ? | 2 Yes | 1 No |
Define the term person?
Please Advise When issue form F monthly Basis or quarterly basis.
1. what is the last date for payment of tds for the month of March? 2.Will the due date differs for each assessment years? if so what is due date for payment of tds for March Month for the Assessment year 2008-09?
can anyone tell me rates of TDS for payment of contract, consultancy, advertizing, statioenry, salary, professional charges, technical fees, & honorarium for the financial year 2008-09
WHAT IS TIN
what is the ESI ? TELL ME RATE HOW TO WRITE ENTRY
what is the date of payment of tds of last month (March)& date of filing of last qtr.
what was the rate of duty i have to pay if i want to import 1) lubricants(engine oil, etc) 2) grease 3) v-belts(rubber belts used in machines, cars, etc)
Pl inform me the details of TDS,VAT,Service Tax & other Statutory Deductions related to individual and companies.
How to calculate IT,TDS,ADVANCE TAX,VAT,CST,EXCISE DUTY,PT,ST.ESI.PF?
5 Answers Alp Consulting, Jaycon, KPMG, Manufacturing, Unique Circle Engineering,
What do you mean by fair rent?
what is the differnce between sales tax and service tax?