Wednesday, 1 November 2017

If income is more than 1 lakh, it is mandatory to pay 30% tax

Divyaakanta Salot of Income Tax Bar Association says that the audit report of the eligible companies and the date of filing of the return was 31. It has extended till November 7. The period of filing of return for those companies has increased if those companies become eligible for audit under section 44 AB of the Income Tax Act and show net profit less than 8% in the yearly turnover.
If the return is filed in a timely manner then the loss can be derived carrier in the previous year. Annually It is compulsory to file an audit report from this year for companies showing less than two crore turnover and not showing net profit of eight per cent. Even if turnover of Rs.3 lakhs is upto Rs.3 lakh, there is a provision to pay 90% of their income as salary.
In those circumstances, the probability of giving eight percent profit is less. 60% of the profits in the Turnover of the company have a provision to pay as salary, but if the income is more than 1 lakh then it is mandatory to pay the tax at 30% rate. It is further mentioned.
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