problem regarding 8 % profit
This query is : Resolved
22 September 2010
i have heard from somewhere that if ur turnover is more than 30 lacs but less than 60 lacs then 8 % of profit or more is to be shown in books is it true
22 September 2010
Pl read section 44AF of the Income tax Act,1961.
22 September 2010
Mr. B. Chackrapani is right but from A.Y. 2011-12 section 44AD is applicable.
In your questiion you asked 60 lac limit it is also from A.Y. 2011-12.
For A.Y. 2010-11 max limit is 40 lac and profit is 5% as per sec 44AF.
from A.Y. 2011-12 44AF will be omitted and new 44AD is added then max limit is 60 lac and profit is 8%.
So for A.Y. 2010-11 read sec 44AF and for A.Y. 2011-12 read sec 44AD
In your questiion you asked 60 lac limit it is also from A.Y. 2011-12.
For A.Y. 2010-11 max limit is 40 lac and profit is 5% as per sec 44AF.
from A.Y. 2011-12 44AF will be omitted and new 44AD is added then max limit is 60 lac and profit is 8%.
So for A.Y. 2010-11 read sec 44AF and for A.Y. 2011-12 read sec 44AD
23 September 2010
these sections would be applicable only when one calculate tax on presumptive taxation basis. otherwise there is no predetermined minimum percentage of profit, you can show your actual profit/loss.
24 September 2010
if ur turnover is Rs 30 Lakhs, then u may choose any of two method.
1. pay tax as per presumptive taxation at predetermined rate of profit or
2. pay ur tax after calculation profit/loss.
1. pay tax as per presumptive taxation at predetermined rate of profit or
2. pay ur tax after calculation profit/loss.
24 September 2010
do i need to show 8 % of profit of turnover in books or not
25 September 2010
as i told, u have option to apply any of the two method for calculating taxable income.
1. pay tax as per presumptive taxation at predetermined rate of profit or
2. pay ur tax after calculation profit/loss.
1. pay tax as per presumptive taxation at predetermined rate of profit or
2. pay ur tax after calculation profit/loss.
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