Section 44ad
This query is : Open
30 December 2011
Can we pay tax @ 8% on gross receipts even though actual net profit is above 8%?. For example, if my business turnover is 40 lacs and my actual profit is 10 lacs; now, can i pay tax on 3.2 lacs (8% of 40 lacs) and keep quite?
30 December 2011
Yes u can pay tax on 8% income
31 December 2011
You can show income @ 8%, but such claim can be questioned by AO on the basis of normal return available in this type business.
02 January 2012
Siddhartha, this is not transfer pricing yaar. AO has to take only one stand; either accept 44AD or not; he cannot compare IT returns with that of others. Other experts, please respond.
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