Itr
This query is : Open
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.
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.
02 June 2017
U can declare 6% of turnover as income u/s 44AD as your all transaction are through banking channel.
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