30 December 2011
Can we pay tax @ 8% on gross receipts even though actual net profit is above 8%?. For example, if my business turnover is 40 lacs and my actual profit is 10 lacs; now, can i pay tax on 3.2 lacs (8% of 40 lacs) and keep quite?
02 January 2012
Siddhartha, this is not transfer pricing yaar. AO has to take only one stand; either accept 44AD or not; he cannot compare IT returns with that of others. Other experts, please respond.
CAclubindia
