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Net Profit & GP FY 2022-23

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(Querist)
29 March 2023 Respected Sir,

How much GP and NP Show in PL account means Can we increase 1 to 2% from last year means how much increase from Last year if Turnover increase Rs.40 to 50 Lacs Previous year GP and NP 7.21 & 2.23 Current year 8.25 & 3.23 is Justifiable please suggest we are confused (about book cover audit )
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 March 2023 The above profit is justified no need for audit. Declaring 8% net profit is justifiable.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 March 2023 The above profit is justified no need for audit. Declaring 8% net profit is justifiable.



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Surinder

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Surinder (Querist)
29 March 2023 Sir, NP is 3.23% and we Cannot declare 8% and we have to continuous audit 5 Years
So please advise
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 March 2023 If you are not tax audited earlier year no need for tax audit now even below 8% profit.

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