Comment on Taxation for Traders - Introduction

Nithin Kamath commented on 09 Jul 2014, 02:23 PM

Sunil, Do check out our new reporting tool Q, it is in beta will be live in the next 2 days.

Yes you need to get yourself audited if profit is less than 8% of turnover. The other way out if you want to avoid audit is to use ITR 4S and declare presumptive income of 8% of your turnover and pay taxes accordingly.

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