Sir,
How can I declare the profit in Partnership firm the firm below 40 lacs turnover ...and my question is if i declare rs.10,000/- net profit can i pay the tax Rs.3,000/- (30%) ?.. Please clarify..
Thanking you.
Srinivas
1 Replies
Shivani Mittal
(Practice)
(425 Points)
Replied 23 November 2013
Profit can be computed after claiming expenses from turnover i.e. Net Profit = Turnover - Expenses.
In my opinion, NP of Rs. 10,000/- on a turnover of Rs. 40 lacs wont be acceptable by IT deptt. coz that means that you are declaring NP of 0.25% which is really low.
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