Return filed under Presumptive Taxation
This query is : Resolved
15 January 2022
Dear Sir,
My individual income tax return is filed under Section 44AD under Presumptive Taxation from past 5 years. I am into Contract business and my tds gets deducted under Section 194C.
The total turnover of my business is coming to Rs. 9 lacs as per Form 26AS and after booking of business expenses the profit is coming to Rs. 6 lacs.
My query is since my return is filed under Section 44AD can I show profit at 8% of the turnover which comes to Rs. 72,000 instead of showing higher profit.
Please help me in this matter.
Regards,
Divyesh Jain
My individual income tax return is filed under Section 44AD under Presumptive Taxation from past 5 years. I am into Contract business and my tds gets deducted under Section 194C.
The total turnover of my business is coming to Rs. 9 lacs as per Form 26AS and after booking of business expenses the profit is coming to Rs. 6 lacs.
My query is since my return is filed under Section 44AD can I show profit at 8% of the turnover which comes to Rs. 72,000 instead of showing higher profit.
Please help me in this matter.
Regards,
Divyesh Jain
15 January 2022
Theoretically, answer is YES.
15 January 2022
Thanks for your reply
16 January 2022
yes, you can do
16 January 2022
Thanks for your reply Mr. Rahul
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