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ITR-3 ISSUE
Friends I have a business and has turnover around 1 crore and I don't want to audit my balance sheet and I have taken 4% profit and paid tax in 3B. If I want to file ITR-3 than how much % profit should I show in ITR-3?..
Replies (19)
Quick Summary
8 % of turnover if sales in other than bank...
6% of turnover in case of bank
6% of turnover in case of bank
Suppose if I made total purchase of Rs 90 lakh and made sale of Rs of Rs 9360000 by taking 4% profit of purchased amount and claimed ITC of Rs 90 lakh and paid tax on Rs 360000 @ 12% GST i.e. Rs 43200 which is too much that small businessesman can't afford, this condition is when we take only 4% so think what will happen if we take 6% or 8% profit?
But if you show the profit less than 6 or 8% in income tax return, then tax audit is mandatory.
I have to show 6 or 8 % GP or 6or 8% profit of turnover(sale)
6 or 8% of turnover
If I show profit 2% in gst to reduce gst and don't audit my B/S and show 6or8% profit in ITR 3 then there will be any problem or not?..
No....
OK thanks
If I audit my B/S then on which amount I show profit in ITR 3 on turnover or NP or GP?..
If I audit my B/S then on which amount I show profit in ITR 3 on turnover or NP or GP?..
In case of audit, koi fark nhi padta jo actual j wo dikhao , fir loss kyu n ho
It means we will not show profit on turnover(sale) we will show according to audited B/S means NP or NL
Exactly....
Thanks sir
Please one more time assure me that we can show rate of profit different in gst returns and in ITR
Please one more time assure me that we can show rate of profit different in gst returns and in ITR
Obviously dear..
its my pleasure....
its my pleasure....
Thank you sir
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