very nicely explained.
lets see another case,
A) Other business income 1.80 lakh
B) FNO turnover 10 lakh
C) FNO income 90,000 (> 8% of turnover)
total income 2.60 lakh but as FNO profit greater then 8% , so audit not necessary ?
as income is marginally above 2.50 lakh so after 10,000 deposit in PPF , there may be no taxable income , correct ?
lets see another case,
A) Other business income 1.80 lakh
B) FNO turnover 10 lakh
C) FNO income 90,000 (> 8% of turnover)
total income 2.60 lakh but as FNO profit greater then 8% , so audit not necessary ?
as income is marginally above 2.50 lakh so after 10,000 deposit in PPF , there may be no taxable income , correct ?
no. as long as profit is equal or more than 8%, no audit is required for turnover upto Rs 2 cr.