Sale of sim card and recharges voucher
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2017
I am dealing in sale of sim card and recharges vouchers of various companies to my customers. My gross profit on sale is 2 to 3%, but my turnover crosses Rs. 1.00 crores in a year. Whether I will have to declare my income U/s. 44AD @ 8% on sales, if I do not maintain any accounts.? Please guide me accordingly .
07 June 2017
Yes if you don't maintain books of accounts then you have to declare profit@8% on sales.
If you want to declare lesser profit then get ur accounts audited by any CA.
08 June 2017
Yes for turnover upto Rs 2 crores you are eligible for section 44AD. But if your turnover crossed 1 crore minimum net profit u/s 44AD will come to Rs 8,00,000/- which will be big on your tax bill. and your gross profit is low. So better to go for tax audit.
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