Presumptive income calculated @ 8% is applicable to manufacturing concerns? If a mfg concern having net profit below 8%, what will be the treatment of Income tax?
JAISON JOSEPH (STP) (29 Points)
28 July 2012Presumptive income calculated @ 8% is applicable to manufacturing concerns? If a mfg concern having net profit below 8%, what will be the treatment of Income tax?
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 28 July 2012
If net Profit is below 8%, then you need to maintain books and get them audited u/s 44AD. Tax will be applicable on th eincome reported by you.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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