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
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
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).
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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