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% ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

anurag

anurag (Expert)
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24 February 2012 Can also show the loss...

Guest

Guest (Expert)

27 February 2012 If the actual position is loss then it can be very well claimed.

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