29 June 2016
I am filing one of my clients return he has salary of Rs 3,72,000/- and Business turnover of Rs.3,72,000/- while there is a business loss of Rs.1,35,000/- while filing his return through software one warning message has come as profit is less than 8% of profit accounts are liable for tax audit otherwise declare profit under 44AD, because total income including salary is more than taxable limit of Rs.2,50,000/-which is Rs.3,72,000/- what is to be done in this case...
29 June 2016
yes you have to take the tax audit or declare the profit u/s 44AD @ 8% due to your total income is exceeds the Exempt limit of the year RES. 250000/-. there is no option. 1) take audit report or 2) declare profit @8% profit of the sales as you wish
CAclubindia
