Income tax return efiling in 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2012 Dear Sir
we want income tax return in 44AD
our concern is profit above 8%
if we are income tax return filling in 44AD can income tax deposit minimum necessary
our concern turnover is 15,00,000 approx
so net profit is 140000 approx and concern is proprietorship concern
can we have deposit some income tax necessary

CA Prashant Gupta

CA Prashant Gupta (Expert)
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07 July 2012 It is not necessary to deposit tax.

U/s 44Ad you have to declare minimum 8% income, not less than that. if your income is greater than 8% then you have to declare the same. If your income exceed basic exemption limit then only you have to deposit the tax.