INCOME TAX FILLING
This query is : Resolved
12 March 2020
CASE
FY 2018-2019
BUSINESS : TRANSPORTATION
TOTAL TURNOVER 92 LAC
PROFIT AS PER PROFIT AND LOSS ACCOUNT 2.40 LAC
WHETHER I SHOULD FILE ITR OR NOT
AND IS IT SUBJECTED TO TAX AUDIT
FY 2018-2019
BUSINESS : TRANSPORTATION
TOTAL TURNOVER 92 LAC
PROFIT AS PER PROFIT AND LOSS ACCOUNT 2.40 LAC
WHETHER I SHOULD FILE ITR OR NOT
AND IS IT SUBJECTED TO TAX AUDIT
12 March 2020
Profit below taxable income so tax audit not applicable. Income below 2.50 lacs so ITR filing not mandatory.
12 March 2020
Audit is applicable since the profit is less than 8%/6% / other rates applicable..Hence tax filing is mandatory
12 March 2020
Income Tax dept get info from GST database.Non filing may result in notice from IT dept.
Hope you are a registered tax payer under GST
12 March 2020
The turnover is just nearing 1crore.High chance of selecting for scrutiny
15 March 2020
Adopt 44 AE Presumptive Tax option or get Tax Audit done & file your Return... no other Solution
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