Necessary to show net profit 8% on turnover
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2012
my client have a retail business of electric goods and wants to show net profit less than 8% on turnover and also not wants to making audit of his account.
answer according to a.y. 2012-13.
is it possible?
answer according to a.y. 2012-13.
is it possible?
15 April 2012
No this is not possible...either get things audited or declare profit @ 8%
Message likes :
1 times
Guest
Guest
(Expert)
15 April 2012
Agree with the expert.
15 April 2012
agree, do books of accounts audited or declared 8% or above profit
16 April 2012
Assessee required to get his accounts audit only and only if his profits from the business u/s 44AD are lower than 8% of this turnover and further his total income is more than maximum amount which is not liable to tax.
If as per books maintained profit is less than 8% and gross income is below the limit liable for minimum tax in such case no audit will be required.
If as per books maintained profit is less than 8% and gross income is below the limit liable for minimum tax in such case no audit will be required.
16 April 2012
I agree with Prakash Kochar. As the assessee who is not showing income of 8% on turnover wants to show lower profit then he has to get his accounts audited u/s 44AB and section 44AA shall also be applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- Whether still royalty
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Payable outstanding for years disallowance
- TDS NUMBER SURRENDER
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
