my business is supply of fire woods in cemetery. For A.Y.2011-12 my T.O. is Rs.46 Lakhs & I have shown profit u/s 44-af is Rs.2,35,700/- i.e. 5% of T.O. But I known from somewhere that if your A/c. is not audited u/s 44-ab then u have to file yr return u/s 44-ad and show profit 8% of T.O. So pl. give me guideline whether I have filed return correctly or I have to file revised return.
09 September 2011
if you have maintained records to derive at your 5% profit figure than it is fine what you have disclose but if you do not maintain records and adhoc basis u have shown 5% profit than it will amount to cessation of income.
CAclubindia
