Return of income-business
This query is : Resolved
23 May 2016
One of my friend starts business in may-2015 as import the fabrics and sale in local market and oms sales his turnover in FY 2015-16 is 63 Lacs.
He maintain books of accounts in FY 2015-16 but after all exps such as custom duty & Clearing & forwarding exps & transportation exps & detention charges his books profit is 295340/-
Now My queries is he can show the 8% profit Rs.504000/- on Sales or Normal business profit Rs.295340/-
Kindly inform me what he can do.
He maintain books of accounts in FY 2015-16 but after all exps such as custom duty & Clearing & forwarding exps & transportation exps & detention charges his books profit is 295340/-
Now My queries is he can show the 8% profit Rs.504000/- on Sales or Normal business profit Rs.295340/-
Kindly inform me what he can do.
Amol S Joglekar
(Expert)
23 May 2016
he has the option either to show the profit as per books or go by section 44AD.....8%
23 May 2016
If he show the profit as per books of accounts his books of accounts want to be audited as per income tax Act.
Amol S Joglekar
(Expert)
23 May 2016
yes, you need to get the accounts audited, in that case.
Message likes :
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Rupesh Jain
(Expert)
23 May 2016
you can take audit report for not declaring the profir u/s 44AD.
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