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?..
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?
CAclubindia
