10 July 2018
Sir, my firm previous Year i.e, (F.Y.-206-17)Audited but this business very down position, Turnover below 1 Cores and profit percent 8% and above. What con do it. my query is Audit / Un audit of Income Tax Return file?
10 July 2018
You can choose presumptive income u/s 44AD Presumptive Taxation for Business Income assessee engaged in eligible business with turnover less than 2 Crore can consider his taxable business income (PGBP) as –
6% of his digitally* received turnover or gross receipt [Only for AY 2018-19]; and 8% of his remaining turnover or gross receiptThe 6% or 8% is the minimum tax payable.