30 November 2015
Dear sir I want to file income tax return by considering profit @8% of turnover I.e. (8% of 3665000=293200)u/s 44AD but my actual profit is 410457. Then can I show profit higher than presumptive basis.if we do so then whether we require to submit P& L and balance sheet with Roi.
30 November 2015
Dear sir if we file Roi of one of my client u/s 44AD and he does not maintain any accounting records of his kirana merchant shop BUT WANTS TO TAKE HOME LOAN. Then please guide as how to prepare his p& L and B/s for finance purpose.
01 December 2015
You can declare higher profit u/s 44AD. No need to submit P&L and B/S. Prepare P&L based on profit declared in the return and Balance sheet based on asset and liabilities.
01 December 2015
Whether declaring higher profit will invite scrutiny. Further client has no TIN BUT selling the goods of Rs. 3665000 in retail and system of the business of client is not to purchase the goods from a registered dealer and not to recover vat on sale , IS ALL ACTIVITIES ARE JUSTIFIED IN LAW or It will invite legal action from sales tax depth. Please guide.
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