Queries regarding 44ad.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2011 Dear sirs,

my father is a retail trader. actual net profit = 15% but can we just show 8% alone using 44 AD?
2) If we adopt 8%, then shall we continue to maintain the cash book / day book on actual basis as usual?
in that case, cash bal. as per balance sheet will be LESS & cash bal. as per cash book will be MORE..
pls guide.

hitesh

hitesh (Expert)
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26 July 2011 if u adopt the filing of ITR under the section 44AD, there is no requirement to put Balance Sheet Figures (and cash) in ITR.. Just compute Tax @ 8% and compute tax accordingly..