Query on 8% presumptive taxation

[canikhil]

Here is a question, is audit required for the people with income bellow 2.5lk per year with the same condition ",if offering 6% of 80-90Lakhs turnover is not possible,can we choose audit though turnover is below 2Cr mark"

If the income is below the exempted limit, then audit is not required. So if the income is below 6% but above exempted limit, then audit is required (as long you are still eligible for 44AD on account of turnover)

having said that, in many cases we do audit as a precaution.

 

[TraderGYO]

If the income is below the exempted limit, then audit is not required. So if the income is below 6% but above exempted limit, then audit is required (as long you are still eligible for 44AD on account of turnover)

having said that, in many cases we do audit as a precaution.

I was reading about taxation and this question came to mind, thank you for clearing things up.
one more question is it ITR3 to be filled in case of income below the exemption limit, profit below 6% and turnover below 2Cr?

 

[canikhil]

I was reading about taxation and this question came to mind, thank you for clearing things up.
one more question is it ITR3 to be filled in case of income below the exemption limit, profit below 6% and turnover below 2Cr?

yes. You need to fill the ITR-3 in this case

 

[TraderGYO]

yes. You need to fill the ITR-3 in this case

Thank you.

 

[cloudTrader]

Nikhil Ji,
Do we add Equity Intraday Turnover and Future Turnover?
EQ Turnover is 3.95Lakhs and Future Turnover is 2.66Lakhs(NO option trading done)..so Total Turnover is 3.95+2.66=6.61Lakhs??

-wa

If you are making losses in Futures and want to carry forward them then it is necessary to file return. As your turnover value is showing that it is having more of losses because your income is below 2.50 lakhs but turnover is above that value.