Section 44ad
This query is : Resolved
13 October 2018
Respected sir,
A person maintains full books of accounts and as per that he is having turnover of Rs. 1.75 Crore. As per his profit and loss account he is having a net profit of Rs. 18 Lakh. But he wants to declare his profit of Rs. 14 Lakh @ 8% (As per section 44AD of the I.T. Act).
My question is that – What kind of legal situation may arise in this case. Please guide.
With regards
Subhash
A person maintains full books of accounts and as per that he is having turnover of Rs. 1.75 Crore. As per his profit and loss account he is having a net profit of Rs. 18 Lakh. But he wants to declare his profit of Rs. 14 Lakh @ 8% (As per section 44AD of the I.T. Act).
My question is that – What kind of legal situation may arise in this case. Please guide.
With regards
Subhash
14 October 2018
No legal issues he can opt 44AD and declare 14 lacs profit even actual profit is more.
Message likes :
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14 October 2018
Yes... I agreed to Mr CA SEETHARAMAN Sir.
No more problems. You can declare 14 Lakh profit as 8 percentage.
Message likes :
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15 October 2018
Thank you very much sir...
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