Presumtive income

divyesh (Partner) (107 Points)

16 July 2011  

We are partnership Firm engaged in retail business, As Per books our turnover is50 lakhs and Gross profit comes to 2 lakhs, Which is 4%.

Can i file my return for AY 2011-12, under presumtive income declaring income @ 8% of turnover, claim interest to partner and remuneration as deduction and pay tax on rest of the profit ?

Do we have to get our books audited ?

With Regards