my turn over for the F Y 2017-18 is 60 lakhs and it is through by account payee cheque and net profit is 24 lakhs, even though shall I show 6% of gross turn over as a taxable income and pay tax accordingly.
5 Replies
Anmol Singla
(808 Points)
Replied 25 March 2018
if you have higher income then you have to show such income in ITR
PARESH SHAH
(PARTNER)
(126 Points)
Replied 25 March 2018
Anmol I think what you said is correct, if my income is below 6% then I have to show 6% and pay tax accordingly, but if it is higher then 6%,then income as per the books to be shown. m I correct
HIMANSHU GARG
(138 Points)
Replied 25 March 2018
if turnover is upto 2 crore then in that case you can for presumptive basis under section 44ad and assume income is 6% so u can gofor presumptive
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