year 1:
my Turnover was 20lakhs so I declared my income u/s 44AD and showed a profit of 8%.
Year 2:
my Turnover was 4Cr and suffered a heavy loss(-10% loss) So I got my books of accounts audited.
year 3:
in year 3 can I switch back to presumptive taxation??
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Replies (8)
Quick Summary
Yes, without any objection..
?? Turnover 20 lakhs on that 8% means how to mathematically calculate
Its sixth standard mathematics...
😜😄 that's it 20lakh*8/100 IAM I right = 1,60,000
Correct...........
@ Dhirajlal sir, if our Turnover or Gross receipts Not exceeding 1 crore means, does we should have to do the profit income 8 %???
First the turnover is related to business receipts, while gross receipts are related to profession. Do not mix them.
When turn over does not exceed 2 Cr. profit margin should be 8% minimum (for cash turnover) when sec. 44AD opted.
Generally To means ( Credit) By means ( Debit)
in Trading Account
To opening ST. By sales
To purchases. By closing ST
To wages. By gross profit
Here To and By how can I understand????
To Gross Loss
in Trading Account
To opening ST. By sales
To purchases. By closing ST
To wages. By gross profit
Here To and By how can I understand????
To Gross Loss
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