Necessary to show net profit 8% on turnover
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2012
my client have a retail business of electric goods and wants to show net profit less than 8% on turnover and also not wants to making audit of his account.
answer according to a.y. 2012-13.
is it possible?
answer according to a.y. 2012-13.
is it possible?
15 April 2012
No this is not possible...either get things audited or declare profit @ 8%
Message likes :
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Guest
Guest
(Expert)
15 April 2012
Agree with the expert.
15 April 2012
agree, do books of accounts audited or declared 8% or above profit
16 April 2012
Assessee required to get his accounts audit only and only if his profits from the business u/s 44AD are lower than 8% of this turnover and further his total income is more than maximum amount which is not liable to tax.
If as per books maintained profit is less than 8% and gross income is below the limit liable for minimum tax in such case no audit will be required.
If as per books maintained profit is less than 8% and gross income is below the limit liable for minimum tax in such case no audit will be required.
16 April 2012
I agree with Prakash Kochar. As the assessee who is not showing income of 8% on turnover wants to show lower profit then he has to get his accounts audited u/s 44AB and section 44AA shall also be applicable.
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