Comment on Taxation Simplified

Ganesh,

Technically you will need an audit because your turnover is less than 30lks and your profit is less than 8% of the turnover (Section 44AD). If you have a small loss, and don’t need the benefit of carry forwarding it, one of those things that you can do to avoid an audit is to show your gross profit as 8% of the turnover. So show around 2.4lks as presumptive profits, and pay taxes accordingly. But do consult a CA for this.

Cheers,

View the full comment thread »