banner_ad

Can a assessee change rate of profit percentage

202 views 3 replies
User Avatar

410 Points Posted on 12 August 2020
a assessee file ITR 4 and show net profit @ 70% in his last two returns but in the present return he wants to change his profit percentage and wants to show net profit @ 45% of gross profit. can it is possible and he can not bear any problem in future.
1 Reply Share Follow
On 12 August 2020 at 10:23 Report
Replies (3)
User Avatar

Tax and Business Consultant
11616 Points Posted on 12 August 2020
Yes, you can change your profit %, but it can not be a below the minimum % prescribed under relevant section of Presumptive Taxation.(i.e not below 6%/8%/50% as the case may be)
66 Reply
On 12 August 2020 at 10:58
User Avatar

410 Points Posted on 12 August 2020
Is earlier show 70% and at present show 45%
1 Reply
On 12 August 2020 at 11:18
User Avatar

Tax and Business Consultant
11616 Points Posted on 12 August 2020

You are filing return under which section..44AD or 44ADA.?

66 Reply
On 12 August 2020 at 11:31


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details