Estimated business income
This query is : Resolved
13 September 2014
My client (Individual) showing profit on estimated basis in the Percentage.Whether he can claim IT Filing fees,Bank charges, and interset paid on loan for the purpose of business.Plz reply me.
13 September 2014
Dear Manikanta,
In estimated profit it is assumed all expenses are claimed.
Minimum 8% of the turnover is taken as estimated profit, assessee can claim higher percentage.
But if he claim his net profit is lower than 8% of turnover then he has to get his accounts audited.
In estimated profit it is assumed all expenses are claimed.
Minimum 8% of the turnover is taken as estimated profit, assessee can claim higher percentage.
But if he claim his net profit is lower than 8% of turnover then he has to get his accounts audited.
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CA R SEETHARAMAN
(Expert)
13 September 2014
The above expenses can not be claimed.
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