Reduction of net profii rate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2012
Dear sir,
A dealer who has opted Sec. 44AD in AY 2011-12 and having turnover crossing the limit of 60 lacs in AY 2012-13 with defacto net profit rate around 2%.
My query is that, whether can he declare net profit @ 2% in AY 2012-13 or he has to declare it again over 8% ?
A dealer who has opted Sec. 44AD in AY 2011-12 and having turnover crossing the limit of 60 lacs in AY 2012-13 with defacto net profit rate around 2%.
My query is that, whether can he declare net profit @ 2% in AY 2012-13 or he has to declare it again over 8% ?
24 February 2012
Since the turnover exceeds Rs. 60 lakhs, Section 44AD is not applicable.
He will have to maintain proper books of accounts and get his accounts audited.
HE CAN DECLARE ANY AMOUNT OF PROFIT AS LONG AS HE IS ABLE TO SUBSTANTIATE THE SAME.
He will have to maintain proper books of accounts and get his accounts audited.
HE CAN DECLARE ANY AMOUNT OF PROFIT AS LONG AS HE IS ABLE TO SUBSTANTIATE THE SAME.
Guest
Guest
(Expert)
27 February 2012
If the actual position is loss then it can be very well claimed.
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