Hello Experts,
there is sale of 66 lacs of packed milk in year..and purchase of same was 63 lacs. thus NP is 3lacs in form of a commission.(only trading of milk-proprietorship)
when I prepare return ITR3 in
winman software...msg popped up as - profit shown below 8% of turnover , need to be accounts audited u/s 44 AB.however if u disagree ,u can ignore this warning and generate ITR.
is that ok if I ignore this warning of audit &file ITR 3.
thanks in advance,
Santosh
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ITR 3 #Milk Trading#
Replies (3)
No it shouldn't be ignored.If u r not declaring 8% or more of your gross receipts as profit it will be liable to tax audit under section 44 AD.You have 2 options.
1.Declare 8% or more of your gross receipts as income and avoid tax audit
2.Show 3 lacs as profit and get your accounts audited under section 44 AB.
now in this case can I show only commission income of rs.3lacs & upload return ITR3
No sir u are engaged in selling and purchase of milk ie trading activity u have to either opt ITR 3 or ITR 4.You cannot show only commission income.
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