hi…my turnover in options is 58000 and loss is -15000 …tax audit is necessary for this ?
kindly guide…
You have 2 options
Option 1. Declare 6 percent of your turnover as profits. Nontax audit required.
Option 2. Show your actual loss and carry it forward to the next year. In this case you have to get your books audited by a Chartered Accountant.
Your selection will also depend on which tax bracket you fall in. From the information you have given, first option looks better considering the cost of audit.
i have salary income also…can i declare the fno turnover in business income and not on presumptive income…
Presumptive income is part of business income only. Its just a way of calculating business income. So in either of the options mentioned above your FNO income will come under business income.
tax audit limit is for turnover 1cr i hve read somewhere…is it true…then no need to file…