Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2015
dear expert
ONE OF MY CLIENTS HAVE TRADING BUSINESS, AND HAVE TURNOVER OF RS.96 LACS. UNDER AUDIT HE IS NOT COVERED IN TAX AUDIT BECAUSE HIS TURNOTER LESSTHAN 1 CRORE.
CAN I FILE RETURN IN ITR-4. OR 4S.
IF PROFIT IS LESSTHAN 8% . IF ANY PROBLEMS ARISE IN FUTURE FROM DEPARTMENT.
CLINENT SAY MY PROFIT MARGIN IS ONLY 2 TO 3% THEN HOW CAN I PAY 8%.
PL. GUIDE ME.
ONE OF MY CLIENTS HAVE TRADING BUSINESS, AND HAVE TURNOVER OF RS.96 LACS. UNDER AUDIT HE IS NOT COVERED IN TAX AUDIT BECAUSE HIS TURNOTER LESSTHAN 1 CRORE.
CAN I FILE RETURN IN ITR-4. OR 4S.
IF PROFIT IS LESSTHAN 8% . IF ANY PROBLEMS ARISE IN FUTURE FROM DEPARTMENT.
CLINENT SAY MY PROFIT MARGIN IS ONLY 2 TO 3% THEN HOW CAN I PAY 8%.
PL. GUIDE ME.
CA Mohit Bansal
(Expert)
21 April 2015
Hi,
you have to get audit done under section 44AD if you want to claim profits less than 8% of the turnover. The books of accounts should also need to be maintained. In audit you can claim all the expenditure incurred in the business
you have to get audit done under section 44AD if you want to claim profits less than 8% of the turnover. The books of accounts should also need to be maintained. In audit you can claim all the expenditure incurred in the business
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