Gross profit 19-20

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629 Points Posted on 08 March 2020
Sir,

In the books of account last year 18-19 Gross profit was 8.07% . in this year 19-20 it is actual 9.80% Please guide is this okay Can we face any problem.
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On 08 March 2020 at 21:51 Report
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Quick Summary
This discussion addresses concerns about a Gross Profit of 9.80% for the 19-20 financial year, up from 8.07% in 18-19. The consensus is that this profit level is acceptable for income tax purposes. Advice is also sought on how to manage the impact of stock destroyed by fire on Gross Profit, with the suggestion to calculate the burnt value and transfer it to the Profit and Loss account.

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"Do the Right Thing...!!!"
128157 Points Posted on 08 March 2020
Are You asking about income tax...?!

If Yes, then No more problem. You can show the profit.
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On 08 March 2020 at 22:26
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Student
7053 Points Posted on 08 March 2020
Query unclear to me
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On 08 March 2020 at 22:43
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629 Points Posted on 09 March 2020
Yes Sir, for income tax
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On 09 March 2020 at 07:38
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"Do the Right Thing...!!!"
128157 Points Posted on 09 March 2020
No problem, You can show the profit as per above percentage...
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On 09 March 2020 at 07:40
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629 Points Posted on 09 March 2020
Thank you Sir,
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On 09 March 2020 at 10:16
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Pivate
1492 Points Posted on 11 March 2020

Sir,

Please advise some goods desteryed due to stock burnt in fire. that effect GP was show nagative value how to increase GP

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On 11 March 2020 at 10:28
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"Do the Right Thing...!!!"
128157 Points Posted on 11 March 2020
@ Mr Sandeep Jain.,

Calculate the Value of Burnt and Transfer the Stock (goods) value to PandL account...
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On 11 March 2020 at 10:34

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