Profit below 6
NICSON JOHN (514 Points)
28 July 2022
my turnover 1.4 cr..can i file return as loss or below 6% without audit.?and what if my turnover below 1cr?pls reply thanks in advance
5 Replies
Shruti
(Student )
(586 Points)
Replied 28 July 2022
In case of turnover of 1.4 cr (more than threshold limit of 1 CR) , audit is mandatory if profit declared is below 6% or 8% of turnover. IF turnover is less than 1 cr audit is not mandatory irrespective of the profits declared.
MPR Sanjay Kumar
(3118 Points)
Replied 28 July 2022
For example
Cash receipts Rs 90000
Cash payments Rs 1,80,000
in this scenario how to I calculate and identify it doesn't exceed 5% of Tax audit limit????
plse I need workouts clarification
Cash receipts Rs 90000
Cash payments Rs 1,80,000
in this scenario how to I calculate and identify it doesn't exceed 5% of Tax audit limit????
plse I need workouts clarification
Shruti
(Student )
(586 Points)
Replied 28 July 2022
Cash receipts of 90, 000 should not exceed5% of total amount of receipts and cash payment of 1, 80, 000 should not exceed 5% of total amount of payments.
MPR Sanjay Kumar
(3118 Points)
Replied 28 July 2022
@ Honourable Shruti ,could you please tell me how you calculating ?? I need mathematical calculation plse explain me
Shruti
(Student )
(586 Points)
Replied 28 July 2022
Suppose total reciept is 5,00,000 and cash reciept is 90,000.( 5lakh *5%=25 thousand )cash receipts is more than 5% of total reciept. In this case limit of 5 cr will not be applicable. And same calculation for payments to be done independently.
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