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Itr 4s vis a vis sec 44ad
Dear friends,
suppose mr.x busi. T/o is 30 lacs for f.y 11-12 and his net profit as per p&l a/c is 20 lacs then-
In Itr-4s his deemed Net profit is 8%of t/over or rs.20lacs.PLS CLARIFY.
Thanks
Replies (2)
8% should be calculated on Turnover not on net profit
No,I want to ask that when actual profit is more than 8% of t/ver should we declare bus. Inc @ 8%t/o or actual profit. If we declare only 8% then there is serious revenue loss to govt.
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