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In India, if you're reporting a lower profit percentage in ITR-3 than the presumptive profit rate under Sections 44AD or 44AE, you'll need to provide detailed accounts and justify the lower profit. Here’s a step-by-step guide: Prepare Detailed Accounts: Maintain and present detailed books of accounts, including profit and loss statements and balance sheets. Ensure all income and expenses are ac...

how to file rcm in gst return, reverse charge mechanism in gst meaning, rcm mechanism in gst. In this session we have discuss about the concept of reverse charge mechanism RCM in GST along with Practical working of RCM. Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipie...