High value profit for sec 44ada filer
This query is : Resolved
30 December 2020
A composition dealer sales turnover rs:15 lacs in f.y 19-20.
assess sales turnover rs:15lacs profit@8% rs:1,20,000/-.as per sec 44ad
But assess profit decalre @32% rs:4,80,000/- show income tax return in f.y 19-20.
Question:
Assess high value profit decalre future any problem and same profit ratio decalre compulsory next year under i.t.act
assess sales turnover rs:15lacs profit@8% rs:1,20,000/-.as per sec 44ad
But assess profit decalre @32% rs:4,80,000/- show income tax return in f.y 19-20.
Question:
Assess high value profit decalre future any problem and same profit ratio decalre compulsory next year under i.t.act
30 December 2020
No need to declare at the same ratio. Declare higher profit as proposed you will not face any problem in future.
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