We are partnership Firm engaged in retail business, As Per books our turnover is Rs. 50 lakhs and Gross profit comes to Rs.2 lakhs, Which is 4%.
Can i file my return for AY 2011-12, under presumtive income declaring income @ 8% of turnover, claim interest to partner and remuneration as deduction and pay tax on rest of the profit ?
CAclubindia
