dear Chartered Accountants and experts
according to section 44 AB tax audit how to show the profit percentage actually what is the rules of this section particularly ..
......Mrs Lakshmi Lal jain a wholesale silk seller
Turnover RS 1.5 crore
cash receipt RS 5 lakh
cash payments RS 2 lakh
bank transaction RS 1 lakh
here how to declare my profit percentage as section 44 AB of tax audit
Query : is it mandatory to show below of 5%???
please I need a calculation in practically
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Section 44 AB tax audit applicable how to show profit percentage doubt
Replies (2)
It's depend on actual profit but need to consider previous years Profit ratio.
@ sandhip Jain sir , could you please elaborately explain me
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