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.
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- TDS on Purchase of Immovable Property by NRI from NRI
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
