Sir,
As a business of commission or agency in nature my G.T. was Rs. 66 Lakh in the financial year 2011-12 and I submitted the ITR after audited the accounts (Audit Report mandatory when G.T. exceeded Rs. 60 Lakh) with a Net Profit @ 6.17% on the G.T. (where the G.T. meant Gross Bill inclu. all).
Now in this financial year 2012-13 my G.T. is Rs. 78 Lakh i.e. below than Rs. 1 Crore, my Net Profit percentage is 6.25% and I do not want to audit the accounts.
Now, wherever my knowledge goes, the agency business or commission business is not covered under Sec 44AD of IT Act.
Here are the questions....
a) May I submit the ITR with a Net Profit @ 6.25% i.e. below @ 8% or more than 8% and
b) Should I be penalised if the NP below than 8%.
Thanks in advance.
CAclubindia
