Profit decreased for it person

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kollipara sundaraiah (Querist)
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28 September 2022 Sir,
It assessess turnover declared in it returns details mentioned below
F.y.19-20 turnover rs:15 lacs profit declared rs:567000/- 36 percentage
F.y.20-21 turnover rs:30 lacs profit declared rs:6 lacs 20 percentage
F.y.21-22 turnover rs:60 lacs profit declared rs:7,20,000/- 12 percentage
Question:
Assessess profit declared percentage decreased every year accepted in it act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 September 2022 Yes, it will be accepted. There will be various reasons for decrease in profit earned percentage.
Tax audit applicable in case of turnover exceeding 60 lacs.

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