Net Profit rate

[RAJESH SAWHNEY]

Net Profit rate in case of Carriage Contractors with annual turnover of about 3 to 4 crores.

AI Summary

No prescribed net profit rate for carriage contractors with 3-4 crore turnover; follow income tax procedures instead. A query was raised about the net profit rate for carriage contractors with an annual turnover of 3 to 4 crores. The response clarified that there is no prescribed net profit rate for such contractors under income tax regulations. Instead, the profit must be calculated according to the prescribed procedure. The discussion emphasized the importance of providing relevant details when posing queries.