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.
CAclubindia
