sec. 44AD
This query is : Open
20 July 2016
one of firm is registered under vat and filling Itr as per under sec. 44AD and net sales was 40 lacs excluding vat and vat separetly charged in bill and gross sales including vat was Rs. 42 lacs .so on which amount we have to declare 8%net profit whether Rs. 40 lacs net sale or Rs. 42 lacs gross sales.We maintain input output account separetly another include in trading account.
20 July 2016
Only on Turnover (exclusive of VAT etc) i.e. 40 Lakhs.
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20 July 2016
sir, but. sec. 43ad language say 8% of gross receipt or gross turnover so what is meaning gross receipt/gross turnover.
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