Turnover-Audit Query/Option Traders(Re-

[marimuthu13]

you very safely avoided my post no 37 to make a reply.

you are talking about presumptive taxation scheme, that's nothing do with avoiding PAYING TAX.

 

[marimuthu13]

you are talking about presumptive taxation scheme, that's nothing do with avoiding audit.

In case of a person adopting the provisions of section 44AD, income will be computed on presumptive basis, i.e., @ 8% of the turnover or gross receipts of the eligible business for the year.
Income shall be calculated at rate of 6% in respect of total turnover or gross receipts which is received by an account payee cheque or draft or use of electronic clearing system.
In other words, in case of a person adopting the provisions of section 44AD​, income will not be computed in normal manner as discussed in previous FAQ (i.e., Turnover less Expense) but will be computed @ 8%/6% of the turnover.
Income at higher rate, i.e., higher than 8% can be declared if the actual income is higher than 8%. ​
​A

 

[marimuthu13]

TNB bahi,

now discussion is all about paying tax and filing tax audit ...

tell us clearly how one can avoid paying tax under presumptive tax scheme, (which is allowing us to go without audit)

 

[traderniftybull]

you are talking about presumptive taxation scheme, that's nothing do with avoiding PAYING TAX.

But where did I talk of avoiding paying tax (unless one is below tax limits) all I was talking of avoiding audit, by choosing presumptive tax scheme

Oooo
You edited your post in the meantime, while you first talk of audit :lol:

 

[traderniftybull]

TNB bahi,

now discussion is all about paying tax and filing tax audit ...

tell us clearly how one can avoid paying tax under presumptive tax scheme, (which is allowing us to go without audit)

How can you avoid paying tax, that is due,
No way to avoid paying tax that is due, just by choosing presumptive tax scheme
One can avoid audit only, by choosing presumptive tax scheme


BTW
Sorry to say
you are mixing up many thing and creating confusion only.

 

[traderniftybull]

Aja ,

it looks funny for me that you are actually in loss, but showing as 8% profit (now 6 % profit), then paying income tax ..........just to avoid audit cost which would around 10K.

2 things are against nature here:

1. You are paying income TAX for loss ( supposed to be for income only)
2. Manipulating tax filing (showing losses into profit , i am really wondering how CA can do this things for electronic trading. For CA , it is possible that profits can be shown as loss due to other expenses realted to trading...)

Best thing is go with tax system, abide accordingly, no tingeing work in between. Turnover calcualtion is very clear, so if your TO is exceeds, file with audit,

If TO not exceeds, but profit also not excedding 8% (6 % now) , then file with audit.

If TO exceeds 2 cr, profit or loss any case, file with audit audit .

Will you like to rewrite this post, in wake of your knowledge of presumptive tax scheme
and particularly on point 2, mentioned above.

BTW, where is the manipulation, can you please clarify.

 

[marimuthu13]

How can you avoid paying tax, that is due,
No way to avoid paying tax that is due, just by choosing presumptive tax scheme
One can avoid audit only, by choosing presumptive tax scheme


BTW
Sorry to say
you are mixing up many thing and creating confusion only.

thanks for getting confused by me....

Well i am not CA or MBA in financial subjects...

1. Mr.X has loss (say 3 L) and his turnover is 50L (less than 2 CR).

2. Now in order to avoid tax audit cost which is around 15k, you are suggesting him to opt for choosing presumptive tax...well so one has to show profit of 6% ( or 8% ).. means he has to pay tax of minimum 10% of 6% of TO..

6% of TO comes around 3L , so you are showing profit of 3L where as you are in loss of 3L (this is called manipulation for me, this may not be manipulation by law, but by etics of doing business)

since X shows profit of 3L , X going to pay 30K income tax.

also X not carrying forward loss, which also has potential of saving another 30K (assume that X is in profit in any one of 7 upcoming years)


Please note that this is what my understanding about , i may be partly wrong, or whole wrong... where you are finding me wrong, correct me ( plz dont just tell that i am wrong)

 

[traderniftybull]

ha ha

I dont know what they find objectionable in my post, in reply to post no. 67,
to delete it.

 

[marimuthu13]

ha ha

I dont know what they find objectionable in my post, in reply to post no. 67,
to delete it.

I expected, that post would get deleted, thats why i didn't reply by quoting that post.

 

[traderniftybull]

I expected, that post would get deleted, thats why i didn't reply by quoting that post.

But I posted only facts, nothing more
And you also appreciated that post of mine

Perhaps the qualities, I posted for deptt,
then they should have edited that much of words, why deleted the whole post.
and did I wrote something wrong,
every tax payer know it very well.

------------------------------------
Nevernind
hota hai, hota hai
I forgot
my posts are under scanner

even other wise there are many, to report my posts :lol: