Return of income-business
This query is : Resolved
23 May 2016
One of my friend starts business in may-2015 as import the fabrics and sale in local market and oms sales his turnover in FY 2015-16 is 63 Lacs.
He maintain books of accounts in FY 2015-16 but after all exps such as custom duty & Clearing & forwarding exps & transportation exps & detention charges his books profit is 295340/-
Now My queries is he can show the 8% profit Rs.504000/- on Sales or Normal business profit Rs.295340/-
Kindly inform me what he can do.
He maintain books of accounts in FY 2015-16 but after all exps such as custom duty & Clearing & forwarding exps & transportation exps & detention charges his books profit is 295340/-
Now My queries is he can show the 8% profit Rs.504000/- on Sales or Normal business profit Rs.295340/-
Kindly inform me what he can do.
23 May 2016
he has the option either to show the profit as per books or go by section 44AD.....8%
23 May 2016
If he show the profit as per books of accounts his books of accounts want to be audited as per income tax Act.
23 May 2016
yes, you need to get the accounts audited, in that case.
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23 May 2016
you can take audit report for not declaring the profir u/s 44AD.
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