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
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......
CAclubindia
