Income
This query is : Resolved
ravi prakash garwal
(Querist)
18 January 2013
how can goverment decided % of Gross profit & net profit ratio on sales in a personal business?
CA PARAS BAFNA
(Expert)
18 January 2013
When there is a business it can't be said as a personal business, it's merely a business. To levy income tax on such business income, is the right of the Government.
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For levying correct tax amount it can decide the methodology also.
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Taking A GP Rate or NP Rate is one of the techniques for ascertainment of correct tax leviable.
.
.
For levying correct tax amount it can decide the methodology also.
.
Taking A GP Rate or NP Rate is one of the techniques for ascertainment of correct tax leviable.
.
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