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 :
1 times
Rupesh Jain
(Expert)
23 May 2016
you can take audit report for not declaring the profir u/s 44AD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Appointment of Auditor By Form ADT-1
- Capital gain on commercial property and investment in residential property
- Rectification under processing even after 6 months cpc portal
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- ARCA LOGIN
- Rent agreement of House of deceased person
- TDS Return Statement Status
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
