https://www.taxtmi.com/article/detailed?id=252 Gross profit margins fluctuate with market competition, financing and business policies; inter firm comparisons are unreliable. Taxpayers facing Assessing Officer queries should document year end analyses and provide factual explanations-such as changed financial structure, increased supplier credit, turnover strategies, altered buying and selling patterns, extended credit, sales to charities and new markets-that account for a fall in GP rate. Maintain proper books, internal controls, stock reconciliations and audited accounts, and present a structured reply to avoid additions based solely on lower GP rates. en-us Thu, 25 Dec 2008 00:00:00 +0530 Thu, 25 Dec 2008 11:23:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=252 Gross profit margins fluctuate with market competition, financing and business policies; inter firm comparisons are unreliable. Taxpayers facing Assessing Officer queries should document year end analyses and provide factual explanations-such as changed financial structure, increased supplier credit, turnover strategies, altered buying and selling patterns, extended credit, sales to charities and new markets-that account for a fall in GP rate. Maintain proper books, internal controls, stock reconciliations and audited accounts, and present a structured reply to avoid additions based solely on lower GP rates. Articles Income Tax Thu, 25 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=252