Good Cas who can file properly

aja

Well-Known Member
Ok,let Nikhil Bhai confirm on this.

1)If the profit % is greater than 8% of the turnover and overall income is also above 2.5L,do we need audit?

2)When we declare 8%,do we need proof/Book of accounts to be furnish to claim this benefit?
 
I do not understand what the confusion is.
If you need help, then it will be better if you post all details
 

VJAY

Well-Known Member
That means my CA has been filing wrong return so far.Hope I will not face any prob in future.

If the profit % is greater than 8% of the turnover and overall income is also above 2.5L,do we need audit?
Dear aja,
most of the CA'nothing know about trading and its taxation ...I contacted many known CA's they dont know knowledge abot taxation for trading ...when I told them please refer they dont agree for it:D
so better to use CA who have good command in taxation for trading....why you not go with Nikhilji for help ?
 

canikhil

Well-Known Member
total income is above 2.5L,but after deduction it's NIL
so my CA says audit is not required.
It is a simple thing. the definition of total Income is defined as income before providing for deductions under 80C.

Your CA may give a different opinion. But that doesn't mean it is correct.

Once your income before providing for 80C deductions is in excess of the basic exemption limit and your profit % is less than 8% of the turnover, audit is applicable..
 

aja

Well-Known Member
It is a simple thing. the definition of total Income is defined as income before providing for deductions under 80C.

Your CA may give a different opinion. But that doesn't mean it is correct.

Once your income before providing for 80C deductions is in excess of the basic exemption limit and your profit % is less than 8% of the turnover, audit is applicable..
Yes,I got that part.My only queries are-

1)If the profit % is greater than 8% of the turnover and overall income is also above 2.5L,do we need audit?

2)When we declare 8%,do we need proof/Book of accounts to be furnish to claim this benefit?

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@VJAY-Yes,I will get my audit done by Nikhil Bhai this time.
 
It is a simple thing. the definition of total Income is defined as income before providing for deductions under 80C.

Your CA may give a different opinion. But that doesn't mean it is correct.

Once your income before providing for 80C deductions is in excess of the basic exemption limit and your profit % is less than 8% of the turnover, audit is applicable..
Nikhilji,

Ignoring the context but going by legal definition, my (CA in private sector) take is that Income before deductions u/s 80 is Gross Total Income.
Total Income is Gross Total Income less deductions u/s 80.

Amit