Hello Karan..Thnx 4 d article..

Bt can u help me on dis?

Suppose i ve a turnover of Rs 200,000/- from my betel shop..& my income is jst Rs. 15,000 per year (i mean less than 8% ie Rs. 16000/-) then do i need to get books audited?

matlab govt. kya chahti hai..k har business main atleast 8% margin to rakho..vrna audit kara lo??

except 44AF?? Does it mean so??

Kindly reply

nice effort !!

very useful article ..thnx for sharing

hey very nice sharing.......keep sharing such posts

NICE SHARING BROTHER......... KEEP IT UP

OMG karaan..!!

the question u have asked sounds very tricky...!!

i need to invest sometime and will get back to u soon....

Thanks to all for the comments...!!

Very useful post. Looking forward to more. THANK YOU.

Good efforts Karan.... Thanks for sharing..

great sir

Good yaar..keep contributing

One question from my side which i am facing this time.

My business do gets counted into presumptive busines.We do maintain all books ,ledgers,statement etc.

This time we had turnover of around 50 lakh.We decided to pay IT but our figure was just below 8%(7.85%).Our Ca told us to go for presumptive basis as it has lot of benefits.Account cant be scrutinized etc.

I did some reasearch and i found out suppose i go with presumptive system.I cant change my method of accounting again in future.Also auditing will become compulsory if profit goes below 8%.

 Now my doubt is suppose i do some renovation at my place and have genuine expenses which brings my business profit to say just 3-5% than why should i go for audit compulsorily.ALso if because of fire something  i go in loss again i have to bear all trouble of maintainig books and auditing..

 SO is it wise to go for presumptive.Also heard in DTC regime investment into 80c too wont be allow as deduction which it does now.

In short if i doesnt go for presumptive method 4s sugam and go for normal filing via itr 4 is it compulsory for me to get my account audited?

Hello..!!

The same doubt i had raised to my principal and he said that going for compulsory audit every year is just optional. I mean, if in the current year we have opted for presumptive taxation then it is not compulsory to opt the same in future.

You may go for a presumtive taxation way this time and in the next time you check out the profit and go ahead either to go presumptive one or normal one.

You are not required to go thru the normal audit since it is below the basic figure of Rs.6000,000/-. Declare your profits this time at 8% and then in next year u decide as per the cirumstances. For the next year also, you maintain the basic books anyways so y dont u get them audited if u fall under the Tax audit net...

Regarding DTC, i seriously have no clue about it....

My view on this may also be wrong, i request the senior members to post out even their views and let me know if i have misinterpreted the same.

Bookmarked... 

There are still some parts with which i am not cent percent sure...

So will go through it again... understand all the concepts...

And then bombard queries...!!! hehe 

Good Day

Thanks!!!