Gross Profit
This query is : Resolved
19 March 2020
Dear Sir,
In previous year 18-19 in books of account my GP Was 8.90% and NP was 4.31% in this current year 2019-2020 My Gross profit is 8.96 and NP is 4.34%.
Can we face any problem
Please guide to us
In previous year 18-19 in books of account my GP Was 8.90% and NP was 4.31% in this current year 2019-2020 My Gross profit is 8.96 and NP is 4.34%.
Can we face any problem
Please guide to us
19 March 2020
If the net profit is less than 8%/6% of turnover then you must audit your books of accounts..
There is no problem in increase or decrease in profits but it should comply with tax audit provisions
20 March 2020
Thank you Very much Sir,
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