Reduction in presumptive net profit
This query is : Resolved
27 February 2012
Dear sir,
A dealer who had opted Sec. 44AF in AY 2010-11 and declared his Net profit @14%.
Now he want to opt Sec. 44AD in AY 2011-12 and want to declare his net profit @ 11%.
Whether the reduction of net profit upto 3% can cause any problem in his assessment or not?
Please advise me.
A dealer who had opted Sec. 44AF in AY 2010-11 and declared his Net profit @14%.
Now he want to opt Sec. 44AD in AY 2011-12 and want to declare his net profit @ 11%.
Whether the reduction of net profit upto 3% can cause any problem in his assessment or not?
Please advise me.
Guest
Guest
(Expert)
27 February 2012
In case of this is the actual position then the assessee can declare 11% net profit. Also the assessee must maintain the records in support of the decline of NP.
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