Turnover less then 1 crore and profite less then 8%
This query is : Open
08 June 2018
Dear sir/ madam,
I am filing IT RETURNS for the first time and my business turnover is less then 1 crore and profite is less then 8%. Is it mandatory to file my returns U/S 44AB?
08 June 2018
You have to declare a minimum profits of 8%. In case you cannot declare the same, you are required to get your books of accounts audited.
08 June 2018
Yes... I agreed to Mr CA Ankit R Momaya...
If You are Individual assessee and You ll shown Your profit less 8 percentage and it's also less BEL then no need Tax Audit as per sec 44ab...
But, the Profit is above BEL and Less than 8 percentage then Tax Audit applicable...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
