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Q. > Please Help: Details to be desclosed in 3CD
I want some guidance: Relavant Data: There is an assesse who has two types of business: a) Jewellery Business
b) Speculation Business.
I have prepared Profit & Loss Account for both Business separately. Turnover of Jewellery Businee is approx. 7Lacs n Profit is also higher than 8% thus does not attract the provision of Tax Audit.
But turnover of speculation business is more than 1crore and comes under tax audit. During the preceding F.Y. the assessee was not under tax audit and he also did not show his speculation business. Because there was speculation loss of Rs. 1400 only and he filled his tax return after the due date.
Query: It is related to the point no. 40 of 3CD- details of accounting ratio with calculation. Whether the clubbed amount of turnover, net profit, gross profit and turnover of both business will be given or only of speculation business?
Experts Panelist
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