Pertaining to home loan
This query is : Resolved
30 November 2015
Dear sir
I want to file income tax return by considering profit @8% of turnover I.e. (8% of 3665000=293200)u/s 44AD but my actual profit is 410457.
Then can I show profit higher than presumptive basis.if we do so then whether we require to submit P& L and balance sheet with Roi.
I want to file income tax return by considering profit @8% of turnover I.e. (8% of 3665000=293200)u/s 44AD but my actual profit is 410457.
Then can I show profit higher than presumptive basis.if we do so then whether we require to submit P& L and balance sheet with Roi.
30 November 2015
Dear sir
if we file Roi of one of my client u/s 44AD and he does not maintain any accounting records of his kirana merchant shop BUT WANTS TO TAKE HOME LOAN.
Then please guide as how to prepare his p& L and B/s for finance purpose.
if we file Roi of one of my client u/s 44AD and he does not maintain any accounting records of his kirana merchant shop BUT WANTS TO TAKE HOME LOAN.
Then please guide as how to prepare his p& L and B/s for finance purpose.
01 December 2015
You can declare higher profit u/s 44AD. No need to submit P&L and B/S.
Prepare P&L based on profit declared in the return and Balance sheet based on asset and liabilities.
Prepare P&L based on profit declared in the return and Balance sheet based on asset and liabilities.
01 December 2015
Whether declaring higher profit will invite scrutiny.
Further client has no TIN BUT selling the goods of Rs. 3665000 in retail and system of the business of client is not to purchase the goods from a registered dealer and not to recover vat on sale , IS ALL ACTIVITIES ARE JUSTIFIED IN LAW or It will invite legal action from sales tax depth.
Please guide.
Further client has no TIN BUT selling the goods of Rs. 3665000 in retail and system of the business of client is not to purchase the goods from a registered dealer and not to recover vat on sale , IS ALL ACTIVITIES ARE JUSTIFIED IN LAW or It will invite legal action from sales tax depth.
Please guide.
01 December 2015
No, declaring higher profit will not invite scrutiny.
Ask your client obtain TIN and pay applicable VAT.
Ask your client obtain TIN and pay applicable VAT.
01 December 2015
Sir what will be the possible departmental action if client fails to obtain TIN.
01 December 2015
Ask your client to comply with requirements now and take the advice of the local VAT expert.
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