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Presumptive taxation

ganesh (student) (54 Points)

26 November 2018

Gross receipts during apr 2017 to Mar 18 around 1.3 crore credited to bank account.
But return not filled.

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9 Replies

Hitesh (Student) (3549 Points)
Replied 26 November 2018

ok...so what's the query

1 Like

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Parinati Shastri (acct) (179 Points)
Replied 26 November 2018

For professional receipts tax audit mandatory.

6 Like

Hitesh (Student) (3549 Points)
Replied 26 November 2018

No I don't think that tax audit is mandatory for professional receipts. Yes if it exceeds specified limit then tax audit is mandatory

Paresh Raut (other) (264 Points)
Replied 26 November 2018

As per sec. 44AB of IT act, when gross receipt exceed 50 lakhs, tax audit is mandatory.

6 Like

ganesh (student) (54 Points)
Replied 26 November 2018

Please suggest me if I file on presumptive basis then what about GST?

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Paresh Raut (other) (264 Points)
Replied 26 November 2018

Presumptive assessment u/s. 44AD can only be applicable, if its eligible business and not for professional receipts.

3 Like

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 November 2018

@ Mr Ganesh.,

*How You ask the question without any details...?
*How can take details by experts without details from You....?

*Better to ask with details then You can get exact solution from our CCI Experts...

1 Like

Nitesh bind (Student CA Final ) (12692 Points)
Replied 27 November 2018

Provide more details about your question.

ganesh (student) (54 Points)
Replied 28 November 2018

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?