44ad

This query is : Resolved

Sanchit Jain (Querist)
Follow

30 May 2012 My question is that, in case a businessman takes the credit of sales in the bank account, eg: Rs.100 and his closing balance is balance of bank is more than 8, can he still draw a profit and loss account declaring a profit of more than 8%, say 15%(for VAT, etc.) and choose to pay income tax on 8% profits?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

30 May 2012 Section 44AD is applicable only for Income Tax purposes. It has no relevance for other laws.

Accordingly, the assessee can declare 8% of turnover as his income and prepare separate financial statements for other purposes.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Michael & Co.

CA K GIRIDHAR

Samruddhi Agrawal

MURALIKRISHNA EDDANAPUDI

Namita Fule

Subscribe Now

44ad

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

Accountant

GST CONSULTANCY

Senior Executive

CA Final