Gross receipts during apr 2017 to Mar 18 around 1.3 crore credited to bank account.
But return not filled.
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Presumptive taxation
Replies (9)
ok...so what's the query
For professional receipts tax audit mandatory.
No I don't think that tax audit is mandatory for professional receipts. Yes if it exceeds specified limit then tax audit is mandatory
As per sec. 44AB of IT act, when gross receipt exceed 50 lakhs, tax audit is mandatory.
Please suggest me if I file on presumptive basis then what about GST?
Presumptive assessment u/s. 44AD can only be applicable, if its eligible business and not for professional receipts.
@ Mr Ganesh.,
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*How You ask the question without any details...?
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*Better to ask with details then You can get exact solution from our CCI Experts...
Provide more details about your question.
Asseessee:-INDIVIDUAL,
AY:2018-19,
Total credits in bank account during AY 2018-19 is Rs.1.3 Crore,
Bissiness :Paying guest (like Hostel),
Please suggest me the applicability of income tax and GST?
AY:2018-19,
Total credits in bank account during AY 2018-19 is Rs.1.3 Crore,
Bissiness :Paying guest (like Hostel),
Please suggest me the applicability of income tax and GST?
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