Return of income-business

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NK1976

NK1976 (Querist)
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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.

Amol S Joglekar

Amol S Joglekar (Expert)
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23 May 2016 he has the option either to show the profit as per books or go by section 44AD.....8%

NK1976

NK1976 (Querist)
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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

Amol S Joglekar (Expert)
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23 May 2016 yes, you need to get the accounts audited, in that case.

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)
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23 May 2016 you can take audit report for not declaring the profir u/s 44AD.

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