Restaurant income

MURALIDOSS (INCOME TAX PRACTITIONER) (1329 Points)

14 February 2018

DEAR ALL,

FOR HOTEL INCOME (SEMI URBAN AREA) WITHOUT BOOKS OF ACCOUNTS MAINTAINING FOR P & L ACCOUNT CAN WE PUT 8% NET INCOME ONLY?

Reply
Follow
Share

4 Replies

Balaji Ramalingam (Student - CA Final) (285 Points)
Replied 14 February 2018

For paying tax under presumptive basis maintenance of books of accounts and audit, both are necessary.

1 Like

MURALIDOSS (INCOME TAX PRACTITIONER) (1329 Points)
Replied 14 February 2018

in itr form non maintaining of books case I.e. 1000000 gross sales 400000 exp

MURALIDOSS (INCOME TAX PRACTITIONER) (1329 Points)
Replied 14 February 2018

balance can we put it into net profit/income?

Balaji Ramalingam (Student - CA Final) (285 Points)
Replied 14 February 2018

I've just explained the provision. It don't know about ITR filing.

Start a New Discussion