becker cma

Updated CA/CS/CMA Online/Pendrive/Download classes available for May 21/ Nov 21 attempt. Call: 088803-20003

coaching
Prodamy

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Presumptive Taxation


Giridhar S Karandikar (Team Lead)     08 September 2017

Giridhar S Karandikar
Team Lead 
 720 likes  7006 points

| My Other Post
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
Dhirajlal Rambhia

Dhirajlal Rambhia (KVO Merau Kutchh)     08 September 2017

Dhirajlal Rambhia
KVO Merau Kutchh 
 9245 likes  93430 points

View Profile | My Other Post

Is it necessary to declare only 8% profit margin?

Giridhar S Karandikar

Giridhar S Karandikar (Team Lead)     08 September 2017

Giridhar S Karandikar
Team Lead 
 720 likes  7006 points

View Profile | My Other Post
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
Dhirajlal Rambhia

Dhirajlal Rambhia (KVO Merau Kutchh)     08 September 2017

Dhirajlal Rambhia
KVO Merau Kutchh 
 9245 likes  93430 points

View Profile | My Other Post
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%?

Giridhar S Karandikar

Giridhar S Karandikar (Team Lead)     08 September 2017

Giridhar S Karandikar
Team Lead 
 720 likes  7006 points

View Profile | My Other Post
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

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Trending Tags