44ad
This query is : Resolved
Sanchit Jain
(Querist)
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?
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.
Accordingly, the assessee can declare 8% of turnover as his income and prepare separate financial statements for other purposes.
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