44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2011 We are having jewellery business , maintaining BOA , This year due to rates of gold & silver on higher side our Profits are 15% of T/O.
If we can opt 44AD and declare income as 8% of T/O . Our T/O is less than 60lacs.

Ratan Sharma

Ratan Sharma (Expert)
Follow

09 December 2011 Dear friend under section 44AD assessee has to declare minimum profit @ 8% or more if it is more than 8%. Therefore you have to declare 15% net profit u/s. 44AD .