Comment on Taxation Simplified

Nithin Kamath commented on 24 Jul 2013, 11:57 AM

seenu.ii Jul 24 2013, 4:42 pm
Dear Nitin,
As you said,
Turnover would be your total net receivable and total net payable. Basically X+Y
CA audit not required if: Turnover is less than 1crore and profit is more than 8% of turnover

Here, Profit means,
is it just X-Y or X-Y-a-b-c-d-e-f

if it is just X-Y, my profit is more than 8% or
if it is X-Y-a-b-c-d-e-f : my profit is slightly less than required. Exact figure is 7.73%

Net Receivable : x
Net Payable : y
Brokerage : a
Turnover Charges : b
Securities Transactions Tax : c
Stamp Charges : d
Service Tax : e
SEBI Charges : f

I am in big confusion on whether i should go ahead for CA audit or not required?

Please Advice..

Best regards,

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