Income tax filling
This query is : Resolved
srinivas thota
(Querist)
14 September 2011
sir,
My client is doing computer sales and hardware business. He has got turnover of Rs.52.00 Lakhs on the sales of computers and spares. He received Rs.2.00 Lakhs on servicing of computers. Please clarify how much profit he has to show without maintaing books & Audit. Please clarify.
If he declare which is lower than the specified what is the position?
Please clarify the above points.
Thanking you sir
My client is doing computer sales and hardware business. He has got turnover of Rs.52.00 Lakhs on the sales of computers and spares. He received Rs.2.00 Lakhs on servicing of computers. Please clarify how much profit he has to show without maintaing books & Audit. Please clarify.
If he declare which is lower than the specified what is the position?
Please clarify the above points.
Thanking you sir
Dintakurthi Tirumala
(Expert)
14 September 2011
You should be show minimum profit is 8% on sales if he want to show lower than that rate then he should be audited his books under section 44AB
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GST input credit on commercial property
- Gift to nri relatives residing in usa
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
