EASYOFFICE

Sec 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 June 2017 sir i wud like to know if any assessee having gross receipts of 1.5 crores during the f.y 16-17 can opt for presumptive taxation u/s 44ad if he is showing profits more than 8%
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
09 June 2017 Yes he can do so. As per Sec 44AD you can declare 8% or more profit if your turnover is below 2 crore.
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uttam chand

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uttam chand (Expert)
10 June 2017 yes you can do so but also see you can not go to normal taxation for next few years
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