tax audit
This query is : Resolved
22 March 2017
a assessee start retail business has expected 3.5cr turnover p.a. his expected g.p rate is 15% and business is complicated ... and he take help of his family members (6@4.5 lac as salary and interest@12%)p.a. and given rent to huf 4.5 lac 1600 sf area shop ...and finally shows n.p around 6 lac can it is possible... by tax low. hope all family members r filled their returns on time. or other option is create partnership firm and distribution of profit by way of salary and interest as active partner . and finally shows net profit of firm .05% I.e. 1.75 lac ...which is more benifitial for tax burden ...
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22 March 2017
Creation of firm is the best option.
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