Profit margin for kirana store
This query is : Resolved
17 October 2017
how much profit margin can i show from a grocery store ( kirana stores ) to file my income tax return
17 October 2017
Show 8% profit and opt for 44AD if turnover is less than 2 crore.
17 October 2017
If grocery store is a wholesale than show profit of 1% to 2% and if it is a retail than show profit of 8% to 10%
17 October 2017
thank you sir for your replies sir can i take 20% profit margin since i have to show min. income of 2 lakhs p.a for applying a bank loan but my turnover is not more then 10 lakhs p.a what can i do in this situation kindly help me in this situation
17 October 2017
If you can justify your profit margin of 20% than you may do so. But kindly note if in next year you show your profit 8% than the chance of scrutiny will increases.
17 October 2017
Sorry to Say.,
No more scrutiny atract for filing presumptive taxation... AAs per rule we can show the profit u/s 44ad 8% and above... No more restriction for above limit.....
17 October 2017
@ Mr. Ashiwini Ballodia Sir.,
If scrutiny is increase then how to show the value 10%....???
17 October 2017
Agree with you Raja Sir but if in current year he show profit of 20% and in next year if he show profit of 10% than the chance of scrutiny increase.
17 October 2017
Thankyou sir can I show 20% profit margin for every year commencing this year while filing income tax return. And I am asking that taking 20% profit margin is a generally acceptable issue in case of kirana stores? ( I.e, further we need not worry with income tax departments like scrutiny etc..
17 October 2017
No way Mr Ashiwini Ballodia Sir.,
If he ll be show above 8% is enough...
If he ll be show above 8% is enough...
17 October 2017
@ mullapudibandivijaysairam (Querist)
It's not only kirana store. It's to all taxpayers. Also no need scrutiny if you are file 44ad. Just you can keep the receipts of income thats only enough
It's not only kirana store. It's to all taxpayers. Also no need scrutiny if you are file 44ad. Just you can keep the receipts of income thats only enough
17 October 2017
Thank you sir for your kind contribution
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