Sec 44ad
This query is : Open
06 September 2011
If my Partnership firm has net profit margin of 5% then i have to pay tax on 8% or required to go for audit but if my margin is 10% then whether i can pay tax at 8%, if i dont want to show higher profit margin...
i will be really thankful to you if u can provide some idea about my query
i will be really thankful to you if u can provide some idea about my query
06 September 2011
IF YOUR MARGIN IS MORE THAN 8% THEN NO NEED TO AUDIT AND ONLY SHOW THE PROFIT 8%. HOWEVER YOU CAN ALSO SHOW THE PROFIT MORE THAN 8%.
06 September 2011
Thank you sir for your reply
but sir if my case is selected in scrutiny then can i say that as per sec 44ad i am not liable to maintain books of accounts or i have to show all books of accounts demanded by Assessing officer, if i requires to show books of accounts than whether i will be liable to penalty for such excess profit not shown by me......
but sir if my case is selected in scrutiny then can i say that as per sec 44ad i am not liable to maintain books of accounts or i have to show all books of accounts demanded by Assessing officer, if i requires to show books of accounts than whether i will be liable to penalty for such excess profit not shown by me......
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
