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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
