Hi there, i have a business of shoes and accessories and spend 225000 on my employees but honestly speaking i did not earn more than 15000 per month, however my long term planning is to make it a big brand, for now i do not know what to say to income tax department if they ask that where i got 225000 per month in case i m earning only 15000 per month, as of now i do not have bill as i sell shoes of less than 300 rupees, plz tell me what to do now plz plz..... My earnings are 180000 yearly, and now if i show them 8% of profit presumtion then wouldnt income tax department ask me about the salary of the employees, that is 225000*12= 2700000, and i would deduct tds from their salary then even department will ask me for this however i would pay the TDS for sure, but wouldnt it raise new points... so that they can bring me under scanner.
Menu
What should i do in case of no bills
Replies (2)
Pl explain your query.
When you say that you earn Rs 15000/-P.M. does that mean that yout turnover is Rs 15000*12=180000?
OR
Rs 15000*12=180000 is what is left after deducting all expenses(eg salaries225000 and purchases)?
You can show profit @ 8% of yout TURNOVER(Sales) and you don't have to maintain books of accounts in that case.
In case your turnover is 1,87,500 P.M (15,000/0.8) you should opt for 8% scheme as suuggested by madhavi..else go for audit of accounts..
Recent Topics :
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
Related Topics :
CAclubindia
