44ad and books maintenance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2018 I have a turnover of around 1.5 cr. But my profit is less than 8% (around 5%). I am opting to file my ITR as per sec 44AD.
I have a doubt whether I need to increase the profit in my books also to 8% or keep it as it is coming around 5%.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 September 2018 Keep it as it is no problem.

Gokul Sharma

Gokul Sharma (Expert)
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04 September 2018 pay tax calculating 8 %of turnover but book profit in books 5 % ....no problem
if you pay tax 5% of turnover then audit is mandatory.

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