Dear Experts.. 2016-2017 (April, May, June) Sales amount under VAT Act Rs. 2 crore. Form WW and Income Tax has been filed for this. 5% Gross profit is shown in this Form WW. The commercial tax officer said that this is wrong and has given notice that 15% gross profit should be shown and tax should be paid.
I humbly request you to answer this.
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Regarding Form-WW TNVAT act (profit issues)
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Summary: Assessing officers cannot arbitrarily impose a standard gross profit percentage (e.g., 15%) if it contradicts the actual figures certified in your Form-WW. Legal precedents favor the use of actual audited accounts; you should file a formal, evidence-backed objection to the notice and consider legal representation for your defense.
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