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
- 6541 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
how to calculate and submit to the concerned authority of pf,esi,pt. explaine?
what is the difference between tds tax code and tds tax type in sap fi
Any body tell me about VAT (Karnataka)shortly because, iam reading vat book but iam not able to understand that. if any body tell me shortly about karnataka vat, retursn, tax collectng, tax payment, CENVAT utilizing etc. pleseeeeee
please send me andhra bank clerk xam model papers
please let me know how to show the sales to unregisterd dealers in tn ctd new portal and in which annexure to select for filing sales to unregisterd dealers, cash / consumer sales
WHAT IS EXECUTION OF WORKS CONTRACT ?
I raised a service tax invoice against a client on which i charged service tax and without receiving any sum from client a deposited service tax on good faith but now client refuses to pay sum . so please, tell me what should i do.
Sir, in CEntral excise we need to pay some amt with interest ex.13815 amt for 66 days how to calcualte this?
which form no's wiil be used for filing IT,ADVANCE TAX, TDS,VAT,CST,ST,PT,EXICE DUTY,ESI,PF?What is the Due Dates? very urgent
cst rates
What is the procedure to take modvat and its form number
I wanted to know about the taxes in haryana on Software Licenses ( Paper licenses). what is the % of service tax and VAT. and the both the taxes is charged on Base Amount or service tax is charged first and then VAT is calulated on the amount with Service TAX?
Dear Friends, Hai, i want to Know that How To Fill ETDS Return. Kindly Tell I'wll we very thankful to you. Deepak Gupa
please tell me friends what are the formats of excise return and vat return?
Daily announced price of Gold. this price is included vat ya without vat. pls give me solution.
