Profit decreased for it person
This query is : Resolved
28 September 2022
Sir,
It assessess turnover declared in it returns details mentioned below
F.y.19-20 turnover rs:15 lacs profit declared rs:567000/- 36 percentage
F.y.20-21 turnover rs:30 lacs profit declared rs:6 lacs 20 percentage
F.y.21-22 turnover rs:60 lacs profit declared rs:7,20,000/- 12 percentage
Question:
Assessess profit declared percentage decreased every year accepted in it act.
It assessess turnover declared in it returns details mentioned below
F.y.19-20 turnover rs:15 lacs profit declared rs:567000/- 36 percentage
F.y.20-21 turnover rs:30 lacs profit declared rs:6 lacs 20 percentage
F.y.21-22 turnover rs:60 lacs profit declared rs:7,20,000/- 12 percentage
Question:
Assessess profit declared percentage decreased every year accepted in it act.
28 September 2022
Yes, it will be accepted. There will be various reasons for decrease in profit earned percentage.
Tax audit applicable in case of turnover exceeding 60 lacs.
Tax audit applicable in case of turnover exceeding 60 lacs.
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