03 March 2012
i am doing kirana business and not maitaining any accounts and ofcourse i have filed VAT returns regularly.My Turnover asper VAT reurns including output tax Rs.14,15,924/- and excluding output tax is RS.13,84,621/-.
KINDLY advise me.
WHETHER to declare 8% or more on 14,15,924/- or on 13,84,621/-? (note i did not maitain any accounts.)
03 March 2012
You have to offer your income for income tax purpose under section 44AD i.e 8% or more profit on gross sales of Rs.14,15,924/- i.e. Minimum profit is Rs.1,13,274/-. OM SAI SRI SAI JAI JAI SAI
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