Gross Profit related
This query is : Resolved
31 March 2021
Dear Sir
Please suggest regarding GP. In 2018-2019 My Gross profit 8.37% In 2019-2020 its 8.37% But in current Financial year 2020-21 its 7.10% even my purchase and sale increase from last year. Can i face any issue Surcharge or plenty from Income tax or GST department.
Please guide
Please suggest regarding GP. In 2018-2019 My Gross profit 8.37% In 2019-2020 its 8.37% But in current Financial year 2020-21 its 7.10% even my purchase and sale increase from last year. Can i face any issue Surcharge or plenty from Income tax or GST department.
Please guide
31 March 2021
Check if you are liable for tax audit under sec 44ab .As in some cases profit below 8% require tax audit.
In other case if you have logical reason for lower profit then it will be no issue
In other case if you have logical reason for lower profit then it will be no issue
31 March 2021
IF your sale and purchase including expenses have been correct recorded then any percentage of GP will be acceptable as genuine.
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