Anitya (Accounts Manager) (82 Points)
12 October 2018Hi members,
I have a query regarding tax audit and presumptive taxation. If one files ITR-4 in A.Y. 2018-19 with presumptive taxation (8% N.P. on Turnover), can he declare less Net Profit and go for Tax Audit in A.Y. 2019-20? Sales in AY 2018-19 are Rs. 45 lacs. and in AY 2019-20 it is expected to be more than Rs.1 crore. Thanks
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 12 October 2018
| Originally posted by : Anitya | ||
 |
Hi members, I have a query regarding tax audit and presumptive taxation. If one files ITR-4 in A.Y. 2018-19 with presumptive taxation (8% N.P. on Turnover), can he declare less Net Profit and go for Tax Audit in A.Y. 2019-20? Sales in AY 2018-19 are Rs. 45 lacs. and in AY 2019-20 it is expected to be more than Rs.1 crore. Thanks |
 |
Yes... He can as per Your query and continue next Five Years...
Anitya
(Accounts Manager)
(82 Points)
Replied 12 October 2018
Mr. Raja, please confirm Presumptive Taxation in AY 2018-19 and Tax Audit in AY 2019-20 and thereafter?
Anitya
(Accounts Manager)
(82 Points)
Replied 12 October 2018
In AY 2018-19 he can file with presumptive taxation.
From AY 2019-20 and next five years, he will be going for tax audit.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 12 October 2018
| Originally posted by : Anitya | ||
|
In AY 2018-19 he can file with presumptive taxation. From AY 2019-20 and next five years, he will be going for tax audit. |
|
Yes...
If A Taxpayer file ITR under Presumptive Tax Scheme in AY 2018-19. And he will/Fall under Tax Audit in AY 2019-20 then He will file His next five ITR under Tax Audit...
Rohan Bagra
(406 Points)
Replied 13 October 2018
Anitya
(Accounts Manager)
(82 Points)
Replied 13 October 2018
Thanks Rohan ji.
Can depreciation loss be carried forward if ITR is filed after due date (non audit).
Rohan Bagra
(406 Points)
Replied 14 October 2018
Depreciation is allowed to be carry forward even if ROI is filed after due date but loss cannot be carry forward for the year for which ROI is filed after due date.
but in that case set off of loss brought forward from previous year will be allowed in the year of profit for which ROI is filed after due date.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 14 October 2018
CAclubindia
