One of my client has total turnover of 80 lacs in SHARE TRADING, his actual profit is 3.20 lacs (less than 8%). Is tax audit required in this case, if i dont want to declare 8% profit?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170671 Points)
Replied 24 July 2018
Yes, but let him declare 6% to avoid it......
RAHIL
(ACCOUNTANCY)
(247 Points)
Replied 24 July 2018
Sir, I think he will agree to do tax audit, because cost of doing tax audit + accounting will be less than the amount of tax if he opts for 44AD.
Thank you sir for your quick reply. :-)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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