i am a bussiness man, gst is taken (composition).i am paying 5 % slab goods while purchasing goods &while selling it i am paying 1% tax because of opting composite , @ end of the year we r showing 8 % net profit in itr,here i am earning not even much ,which I am paying as a taxes to the government.
Here my question is shall I show profit ratio less than 8 %.
Menu
is it possible to show profit in itr below 8%
Replies (3)
Well in that case you will be liable to get your accounts tax audited u/s 44AD
Maintain books of accounts and get them audited under income tax act if your income exceeds the basic exemption limit.
yes you can show less than 8%provided if you receive your turnover through bank then you can show 6%of turnover as net profit and if not and still if you want to show less then you need to maintain books of accounts and get tax audit done through CA.
Recent Topic
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
Related Topics
CAclubindia
