IF A JEWELLERS HAVE 10,00,000.00 SALES & MAKEING CHARGES 50,000.00 THERE PROFIT IS 35000.00
HE IS REQUIRE TAX AUDIT ? NOTE THAT INCOME DEPEND UPON ONLY MAKEING CHARGE NOT ON TURNOVER
LALIT KUMAR GANERIWAL (accountant) (241 Points)
20 November 2013IF A JEWELLERS HAVE 10,00,000.00 SALES & MAKEING CHARGES 50,000.00 THERE PROFIT IS 35000.00
HE IS REQUIRE TAX AUDIT ? NOTE THAT INCOME DEPEND UPON ONLY MAKEING CHARGE NOT ON TURNOVER
Sourav
(Achieving d UnAchieved)
(991 Points)
Replied 20 November 2013
If the jeweller is only providing service, he is a service provider and not a trader. So how can he have a sales turnover ?
LALIT KUMAR GANERIWAL
(accountant)
(241 Points)
Replied 20 November 2013
B COZ HE BUY AT MKT RATE &SALE ALSO AT MKT. RATE THEN HOW HE EARN 8% ON TURNOVER?
Nikhil Kaushik
(Fellow CA)
(85085 Points)
Replied 20 November 2013
Vidya Totad
(student)
(52 Points)
Replied 21 November 2013
LALIT KUMAR GANERIWAL
(accountant)
(241 Points)
Replied 21 November 2013
vidya ji the profit on sale of gold depend upon mkt. rates
Akshay
(CA in Practice)
(21 Points)
Replied 21 November 2013
sathianarayanan.t
(chartered accountant)
(267 Points)
Replied 22 November 2013
No need for tax audit. If your client is an individual, Sec 44AD is not applicable if your taxable income is below the exempted limit. Hence 8% of income is not applicable here because the income in the given case is Rs. 35000 only. So, let me know the status of the the assessee
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