Menu
Presumptive Taxation
one of my client is an retailer. his purchase bills are hardly for 2 lacs. he says that there are more purchases but bills are not available. so I showed sales of around 4 lacs and presumptive income as 32000. but since he wants to avail a bank loan I need to show an income of atleast say 8 lacs for which sale of 1cr needs to be booked. he does not have so much sale. is there any other way to show income of 8lacs
Replies (4)
Is it necessary to declare only 8% profit margin?
I am showing it on presumptive basis. we can declare a higher income but again he wud be subjected to tax audit. main concern is that assessee is not having required sale purchase bills and I also don't think that he wud able to show them
| Originally posted by : Giridhar S Karandikar | ||
 |
I am showing it on presumptive basis. we can declare a higher income but again he wud be subjected to tax audit. main concern is that assessee is not having required sale purchase bills and I also don't think that he wud able to show them |  |
Why tax audit be applicable when turnover is less than 1Cr. and profit margin is more than 8%?
let's keep tax audit aside. my main concern is that assessee is not possessing required sale/purchase bills. how am I going to show his income without the bills and how Bank will provide loan if income details are not available
Recent Threads
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
Related Threads
CAclubindia
