Income to be furnished
This query is : Resolved
12 June 2008
A hardware retailer, turnover not exceeding 40 lakhs. The income to be considered is 5% Of the turnover.
If yes
Is he required to furnish P/L A/c & B/S?
If yes
Is he required to furnish P/L A/c & B/S?
12 June 2008
In any case BS and PL shall always be drawn... what he has to keep in mind that if he wants to show net profit below the prescribed percentage then he needs to get his accounts audited otherwise provisions of sec 44AA is not applicable.
12 June 2008
thank you, but is their any issue if his income is round 10% of the turnover...
05 April 2012
Accounts are to be maintained only if the income is shown less than 5%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
