Query is audit / un audit of income tax return file?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 July 2018 Opt 44AD no tax audit required.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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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.

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