If I spends half portion of my total turnover for diesel like expenses ,can I show the rest half as my turnover while income tax filing( proprietor small scale) .if i do so what are the other parameters that i should arrange/take care to substantiate this
Declaration of Turnover
Guest
Small-Scale Proprietor Queries Income Declaration: Can 50% Turnover Be Deducted for Diesel Expenses? A forum participant inquired about declaring only half of their total turnover as income after spending the other half on diesel and similar expenses for income tax filing as a small-scale proprietor. One respondent confirmed that business-related expenses are eligible for deduction. Another questioned the participant on their actual turnover and how they account for the remaining 50% of the turnover. (AI Summary)
TaxTMI
TaxTMI