Profit and loss calculation @ 8% in gst

Tax planning 267 views 4 replies

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

 

 

Replies (4)
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...
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.
agree with Srinivas sir.
Also I not the point except sec 44ad....


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details