Tax Audit & E filing

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  1. Boopathiraja P

    Boopathiraja P New Member

    Hi,
    1)if I have Pvt Ltd Co that TO is 20Lakh but Profit of Rs.60000/- am i liable to Tax audit ?
    Any provision affect related to Companies e filing.
    Applicable of 8%
    2) Current year Income tax how can i Show in the ITR.
     
  2. Sekhar Chandra

    Sekhar Chandra New Member

    In case of companies tax audit is mandatory only if the turnover or gross receipts exceeds Rs. 1,00,00,000. So in your case tax audit is not required .
    Sec 44AD that is presumptive taxation (i. e. 8% of gross receipts is presumed to be the income of assesse) provisions are not applicable for companies .
    Being your gross receipts exceeds Rs. 10,00,000 you are required to maintain books of accounts U/s 44AA of Income tax Act.
     
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