Golgappa.net | Golgappa.org | BagIndia.net | BodyIndia.Com | CabIndia.net | CarsBikes.net | CarsBikes.org | CashIndia.net | ConsumerIndia.net | CookingIndia.net | DataIndia.net | DealIndia.net | EmailIndia.net | FirstTablet.com | FirstTourist.com | ForsaleIndia.net | IndiaBody.Com | IndiaCab.net | IndiaCash.net | IndiaModel.net | KidForum.net | OfficeIndia.net | PaysIndia.com | RestaurantIndia.net | RestaurantsIndia.net | SaleForum.net | SellForum.net | SoldIndia.com | StarIndia.net | TomatoCab.com | TomatoCabs.com | TownIndia.com
Interested to Buy Any Domain ? << Click Here >> for more details...

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?

Answer Posted / rajbeer singh

yes

Is This Answer Correct ?    2 Yes 6 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Our Company dedduct TDS on the collection charge and claim (rate diff claim, scheme claim, collection charge means , if any party take material directly form our store our company give them frieght charge and deduct tds@10.30%). my question in what category of this type of TDS decution ? is it payment to contractor or what ?

2109


what is sales tax assesment or annuel return company and how to do end of the finiancial year and what is form no 240.

2022


WHAT IS THE PROVISION OF INCOME TAX, SELF ASSESSMENT TAX AFTER AUDITING GIVE THE EXAMPLE WITH ENTERY

2216


How to calculate long term capital gain

2182


We made full payment to contractor and forget to deduct TDS on that.Now contractor ledger is fully settled and we have to pass the TDS entries on that. Kindly guide rectify the entries on tds

2247


how & on which amt tax should be calculate on pvt ltd company or ltd company

2316


Is there any change in the section 80DD for the financial year 2009-10

2565


What we mean by MAT Credit Entitlement ???

7212


Sir please confirm job work sale for clothes shat d1 yes & no

1772


F FORM RECEIVED FROM SUPPLIER, NOT DEDUCTED GOODS RETURN AMOUNT THEREAFTER WHAT IS THE PROCEDURE DONE BY DEALER?

2016


ie it possible to charge WHT and VAT on one trancaction? if yes,kindly explain the dynamics/working of both taxes

2142


how much tds deducate on hotel party arrange by company

2008


In one year how many times tds, service tax, and Mvat is paid?

2749


Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

1894


Apply for TDS certificate in bank for rent purpose is wrongly entry as 94C instead of 94I. Is any problem?

1813