A small business person bank loan Rs:5 lacs loan amount required.
QUESTION:
A person how much sales turnover and net profit show in i.t.returns(itr).
2 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 17 January 2021
You have to prepare a fixed percentage say (10% or 15%) it's optional you may determine which percentage suits your business accounts of turnover every year and maintain stock, debtors and creditors in every year suitably in estimated, provisional and current p/l and balance sheet.. please prepare CMA report as per your accounts
Kollipara Sundaraiah
(B.com)
(3005 Points)
Replied 17 January 2021
F.y 19-20 sales turnover and net profit show in I.t return
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