About net profit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2012
sir, my name ji rahul i am a proprietor in a firm my sales is Rs. 23,42,114.00 & interest Income On Saving Account & Fixed Deposit Is Rs. 23,640.00 i keep regular books of account. sir my Query is that as per new rule Profit is more than 8% then i fill ITR -4.
1. is 8% of sales Which Is 1,87,369.00 + 23,640.00 = 2,11,009.00 Is net profit Or 8%of Sales+ Interest Which Is 1,89,260.00 is profit Which one is right rule please guide me. and give me more knowledge about this rule
1. is 8% of sales Which Is 1,87,369.00 + 23,640.00 = 2,11,009.00 Is net profit Or 8%of Sales+ Interest Which Is 1,89,260.00 is profit Which one is right rule please guide me. and give me more knowledge about this rule
24 May 2012
Net profit will be calculated on amount of sale.
So your business income will be 8% of Rs. 23,42,114 = Rs. 1,87,369
Business Income = Rs. 1,87,369
Income from other sources (interest income) = Rs. 23,640
Total Income = Rs. 2,11,009
You can avail benefit u/s 44AD.
So your business income will be 8% of Rs. 23,42,114 = Rs. 1,87,369
Business Income = Rs. 1,87,369
Income from other sources (interest income) = Rs. 23,640
Total Income = Rs. 2,11,009
You can avail benefit u/s 44AD.
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