KARTIK (PROP.) 11 June 2011
hai, as per new income tax law, assessee whose turnover goes more then 60 lakh or net income is less then 8% must be audited. now my question is.......
In net profit 80-C limits also includes ?
what if party have turnover under 60 lakh but have net income also under 8% ? they alo must be audited ?
if person have two business then net income will be clubed by his/her both business ? or 8% limit is seprate or each business ?
Alok Seth (Advocate) 19 June 2011
80-C will not be considered while taking out 8%. If there is two business then both business income will be sum up and then 8% will be seen
M.V.GIRI (ADVOCATE & TAX CONSULTANT) 26 June 2011
If the taxable income of an assessee is less than 8 %, he should get audited statement and file income tax return irrespective of no of businesses
prakash sahay (advocate) 26 June 2011
Both the business should be segregated and seperatly assessed by considering 8% each. Interpretation is very clear.
Prakash sahay
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