Estimated business income

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MANIKANTA (Querist)
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13 September 2014 My client (Individual) showing profit on estimated basis in the Percentage.Whether he can claim IT Filing fees,Bank charges, and interset paid on loan for the purpose of business.Plz reply me.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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13 September 2014 Dear Manikanta,

In estimated profit it is assumed all expenses are claimed.

Minimum 8% of the turnover is taken as estimated profit, assessee can claim higher percentage.
But if he claim his net profit is lower than 8% of turnover then he has to get his accounts audited.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 September 2014 The above expenses can not be claimed.

Message likes : 1 times

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