Income from profession

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2017 Dear Sir/Madam

I want file a ITR for a person, his income comes under "Income from Business and Profession" head . He is not maintained books of accounts. Here Computation of Income required for him

Regards

Sumeet

Sumeet (Expert)
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05 December 2017 Hello,

If a person has income under the head Profit and Gain from Business & Profession and books of account is not maintained by him, return can be filed by showing net profit as minimum 8% of Gross Receipts in case of Business (Section 44AD) or 50% of Gross Receipts in case of Profession (Section 44ADA).

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Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2017 Thank you Sumith Sir ................

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