- There is no such law under Income tax Act which asks for payment of minimum 20% income tax on export of services. Tax is payable on the actual profit earned by you.
1. No. Income tax is payable on actual profit earned
2. No. In case of private limited Co., if you are receiving entire revenue through banking channel then there is no need of Income tax Audit upto turnover of Rs. 10Cr but statutory Audit would be applicable. In case of proprietorship you will be liable for tax Audit as gross receipts exceeded Rs. 50 lacs.
3. No.
If you have genuine business loss or profit less than 20% you should declare such loss/profit and pay taxes accordingly
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