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What is the nominal % profits

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Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 heyy frends,

my clinet which has a steel sheet cutting business( normally call circle work).
and one has a small qty of diamond supply to small jewelers(like wholesale diamond supply to small jewelry shop).

i have a query that if any criteria in these business for calculated profit %. both of these in tax audit limit.(about 1 crore turnover on FY 12-13.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

28 July 2013 The clients will be more informative. Discuss with them- how much they are really earning and how much expenditure is being incurred ?
.
Decide on the basis of normal practice and clients' actual P&L A/cs.
.

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 actully sir client does not maintain any account till now (like lala type comapany) and audit is require for him becoz of his turnover....

therefore am require the market profit rate in same type of industries..

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