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.
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Query regarding reporting of exempt foreign remuneration in ITR
- Correction in TDS return New Traces Portal
- TDS refund Indemnity Bond
- PF wage ceiling
- F&O reporting in ITR
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
