19 August 2015
Book profit is Rs. 10 Lacs.
Deemed profit 44AD is Rs.6.4 Lacs. Turnover is Rs. 80 Lacs. What amount will be reflected in actual profit/loss ? Can I offer 6.4 lacs income under income tax return even if book profit is more than the stipulated 8% ?
19 August 2015
44 AD allows you to show any profit above 8% on gross receipts if less than 1 Cr , you may show 10 or 12% whatever you want, but if you want to show any % less than that then you have to prepare books of accounts this section will automatically be void and you have to get your books audited by Chartered Accountant.
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