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regarding income tak
I have a garment business. I have purchased garments for rupees 50 lakh due to some circumstances the business doesn't run properly and at the end of year I sold the garments at a loss of 20 lakh can I have to pay income tax
Replies (3)
no income tax will be payable by you but Tax audit report & certified balance sheet need to be filled with income tax department.
is there any rule of income tax in business regarding % of sales is given to tax
sec-44 AD presumptive income rule stats that if books of accounts are maintained, assese can declare 8% profit of business turnover.
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