Profit and loss calculation @ 8% in gst

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35 Points Posted on 12 March 2018

DEAR ALL,

I AM MAINTAINING ACCOUNTS OF SMALL FIRM WHERE   IN THE PREVIOUS FINANCIAL YEAR THE PROFIT WAS ADJUSTED UPTO 8% AND WAS RETURN FILED ACCORDINGLY.

BUT NOW THE TURNOVER IS RS 1.23 CRORES AND STOCK IS MAINTAINED ON INVENTORY BASIS, PLEASE SUGGEST IF POSSIBLE CAN WE ADJUST THE PROFIT UPTO 8% AND FILE ITR, IRRESPECTIVE OF INVENTORY

PLEASE GIVE ME APPORIATE SOLUTION

THANKS IN ADVANCE

 

 

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On 12 March 2018 at 23:25 Report
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"Do the Right Thing...!!!"
77792 Points Posted on 13 March 2018
Your Turn Over is above 1cr then Your accounts will fall under Tax Audit except sec 44ad... So, You can follow as per Your previous filing method of System....

Also consider Your CA...


GOOD LUCK...
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On 13 March 2018 at 06:27
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266 Points Posted on 13 March 2018
Even though your Turnover exceeds 1cr you can declare income at 8% (Presumptive income)
person having turnover up to 2cr can declare income based on presumptive 8% or more
if you declare like that you are not required for tax audit.
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On 13 March 2018 at 08:32
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CA Student
925 Points Posted on 13 March 2018
agree with Srinivas sir.
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On 13 March 2018 at 08:42
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"Do the Right Thing...!!!"
77792 Points Posted on 13 March 2018
Also I not the point except sec 44ad....
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On 13 March 2018 at 08:44

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