Comment on Taxation Simplified

ravindra kumar commented on 27 Mar 2014, 09:43 AM

Hi Nithin,

Can I declare more than 8% profit on turnover, considering the remaining profit as expenses ? I mean declaring say 10% profit of Rs.830000/-, considering the remaining Rs.403000/- as expenses for FY2011-12 and declaring 16% profit of Rs.1088000/-, considering the remaining Rs.612000/- as expenses for FY2012-13 ?

If I file Returns calculating as above, will there be any chances that IT Department questening me in future ? Please tell me the pros & cons over the matter.

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