Under presumptive taxation scheme under 44AD Gross Net profit fixed for 8% on total Gross receipts? for example My Gross receipts is Rs. 20,00,000/- and My profit % exactly shown on 8% or above or incase My profit % is 15% is it shown it or net? and second doubt is Under ITR -4S return as 2 columns are there 1) is Sundry Debtors and 2) is Sundry Creditors Total Debtors and Creditors value shown in return including taxes or Excluding Taxes?
10 March 2018
as long as you are showing equal to or more than 8%, anything is fine. So if you want to declare 15% profit, then mention 15% of the 20 lakhs as profit.
for debtors and creditors, mention gross amount due from them include taxes.
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