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?
- 3 Answers
- 6439 Views
- I also Faced
- E-Mail Answers
Answer Posted / i.ram harsha
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 |
Post New Answer View All Answers
what is deemed sales? how to calculated
What is VAT TDS? when it is applied & at what rate?
What r the foll tax deductions for :- 1.TDS 2.WCT Give me answers in detail & give me some addtional info on these topics which would be helpful for me.
what the procedure of filing mvat pls. explain in briefly ?
1· What is a bad credit score? 2· What does my credit score mean? 3· Can I check my Vantage credit score range online? 4· Should I have perfect credit score, that is, above 800 credit score? 5· With a 600 credit score, how to improve my credit rating score? 6· How to raise my credit score if I have 500 credit score? 7· How to increase your credit rating score quickly? 8· How can I find out my credit rating score for free? 9· Home Equity Loans ????????· 10. Calculate Mortgage 11· Mortgage Payment 12· Mortgage Payment Problems
WHAT IS TDS?SHOULD WE FILE TDS TO PURCHASE A THING .SHOULD WE PAY BOTH TDS &TCS FOR THE SAME THING
why use diff vat forms like vat51 vat3 why
When & how vat audit takes Place in haryana. Is Scrutiny & vat audit is same?
what is excise
the TDS rates and Income rates are equal in calculation of the salary and please send the IT slab rates for the employees and comapnies.
What is the Rate of Service tax for Short term accommodation services & Restaurant Services ?
What are the streamlined sales and use tax agreement?
what is reverse credit & how it is calculated in vat law in west bengal?
How many heads are there under total income?
WHAT WE HAVE TO IF WE MAKE A BILL 5% CST IN PLACE OF 2% CST AND DIPOSIT THE TAX
