Itr
This query is : Open
Vinod Kathuria
(Querist)
02 June 2017
Assessee not maintaining books of accounts as per income tax act as he want to show income in Sec 44ad
His turnover all via bank is.................7000000
Purchase all payment through bank. 6500000
Direct exp all through bank.................40000
Indirect exp all through bank................50000
Net profit ( 5.71% of turnover )..........400000
Now his actual profit is 400000 ( 5.71% of turnover ) . Can he file itr 4s showing profit in itr 560000 (@ 8% of turnover)
He want this bcz he does not want to maintain books of accounts
Whether this situation is possible.
Another Que is what will be effect on vat if vat involved vat rate is tax free
His turnover all via bank is.................7000000
Purchase all payment through bank. 6500000
Direct exp all through bank.................40000
Indirect exp all through bank................50000
Net profit ( 5.71% of turnover )..........400000
Now his actual profit is 400000 ( 5.71% of turnover ) . Can he file itr 4s showing profit in itr 560000 (@ 8% of turnover)
He want this bcz he does not want to maintain books of accounts
Whether this situation is possible.
Another Que is what will be effect on vat if vat involved vat rate is tax free
02 June 2017
In case entire turnover is through banking channels i.e. through cheque, NEFT or RTGS you can show net profit at 6% instead of 8% under section 44AD.
Vinod Kathuria
(Querist)
02 June 2017
Dear Sir my all transaction via bank but my profit percentage is 5.71%
02 June 2017
This is your actual profit percentage I am talking about minimum net profit percentage in case of non cash turnover u/s 44AD.
CA Rashmi Gandhi
(Expert)
02 June 2017
U can declare 6% of turnover as income u/s 44AD as your all transaction are through banking channel.
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- Section 269ST applicability for capital introduced by partner to his partnership firm
- TDS- 2026-27 Q1 Correction
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
