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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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