"(g) An assessee with turnover below Rs 40 lakhs, who shows an income below the presumptive rate prescribed under these provisions, will, in case his total income exceeds the taxable limit, be required to maintain books of accounts and also get them audited." Please clear my confusion which is as under: If one shows income less than that of presumptive rate and show income below taxable limit or loss, what will be position? Is the wording wrong or is it intention of the Mr.Finance Minister? Suppose one has turnover of 31 lakhs and shows income at 7% totalling 217000 and he is not senior, then he needs to audit his books. contd.... but what if he has turnover of 31 lakhs and shows income at 5% 155000, then he is below taxable limit and he need not audit his books? or he shows loss of 1000, does he need not audit his books?
P.R.KABRA
wrote on 09 July 2009
Discuss Budget 2009 and its implication!!
Page no : 3
P.R.KABRA
(PROFESSIONAL ACCOUNTANT)
(121 Points)
Replied 09 July 2009
Monark
(150 Points)
Replied 10 July 2009
The budget is perhaps a good one, not to forget that when the world markets hit by recession, we still have +'ve growth.
Beside other amendments, increase of slab rate for Wealth Tax from 15lacs to 30 lacs is noteworthy.
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