Profit as per normal books of account 450000, and 8% of turnover is 260000. in the above case can we declare 8% u/s 44AD.
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 February 2018
Yes... You can if your business is eligible and Follow as per sec 44AD...
Preksha Bhatt
(CA.Student)
(290 Points)
Replied 08 February 2018
in above case whether i have to file p&l and balance sheet?? if itr shows profit higher than 8%?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 February 2018
if opt to Presumptive Taxation scheme then no need to File PandL and BS except Debtors & Creditors Balance, Stock and Cash. Also these are not mandatory...
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