8% nett profit u/s 44-ad & books of account
This query is : Resolved
TARIQUE RIZVI
(Querist)
21 July 2018
Ay 18-19 real net profit remains always in between 2% & 3% and if the I file ITR-4 u/s 44-Ad for the Ay 18-19 while showing the net profit @ 8.00% and if by the way the next year for the Ay 19-20 if tax audit u/s 44-AB is conducted because of largest sales volume. 8% net profit will all of a sudden come down upto 2% to 3%. Whether the income tax will open the case in scrutiny because of objectionable variation in nett profit as compared with the previous year.
Ay 18-09 Nett profit @ 8% shown in ITR-4 u/s 44-Ad ( Books of accounts are not properly maintained )
Ay 19-20 Nett proift @ 2% to 3% ( Books shall be audited u/s 44-AB )
Please guide me and oblige.
Ay 18-09 Nett profit @ 8% shown in ITR-4 u/s 44-Ad ( Books of accounts are not properly maintained )
Ay 19-20 Nett proift @ 2% to 3% ( Books shall be audited u/s 44-AB )
Please guide me and oblige.
21 July 2018
Can't rule out such questions/findings from IT department side.
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