dear colleagues
gud mrng
ek properitory gst registerd (Composition firm hai)...
jiske Proprietor ki death April 21 me ho gyi hai
March 21 me closing stock uss firm ka approx 40 lac hai books me
Jo uski daughter or wife ne financial needs ke reason se 20 lac me sold kr diya hai
ab Fy 21-22 ka jo 1st qtr (april-june) hai usme 20 lac sales show krke 1% tax pay kr skte hai kya???
or income tax k purpose se jo Inka return file hoga AY 22-23 Ka usme 8% deemed profit declare kr skte hai kya
jisse audit ka kaa issue nhi rhe???
regrads
Yes, you can show the sale at a lower price and pay tax under composition at 1%.
But since you want to show the sale in 1st quarter and tax has not been paid to date, interest on late payment of tax will apply.
Yes, you can claim the profit under presumptive scheme 44AD and show a profit of more than 8% to save the audit compliances.
CAclubindia
