if i hve:-
opening stock 1300000/-
+ purchase 2300000/-
Total 3600000/-
Sale 2800000/-
Closing Stock shown800000/-
But I don't have any physical closing stock as it destroyed & no insurance claim is taken..
is there any way so that i can show NIL closing stock??
as if i show loss of800000/- then
case will go to Scrutiny..
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Closing stock
Replies (1)
It appears there is no profit in the business, Sales =28 Lacs= Cost of Purchase (13 Lacs +23 Lacs- 8 Lacs).
1. U will have to follow provisons of 44AD and declare profit @ 8 per cent without keeping books.
2. if u do not wish to declare 8 % profits, maintain books and get them audited, in that case u can claim
loss on goods destroyed provided that there should be proper evidence to justify the loss.
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