Dear All
Assessee has income of Accounts / consultancy (but not 44AA)
say ReceiptsRs. 260000
Exp Rs 20000
Total Income Rs 240000
Since it is much above 8% requirement, Can still be IRS 4S processed having such income of Say 90%
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Can itr 4s filed at 80-90% income profession
Replies (2)
Yes you can declare income more than 8% of Gross receipts....but atleast 8% to be declared if opted for presumptive scheme..
The minimum should be 8%
You can always file a return for a higher percentage under section 44AD. Refer: https://www.charteredclub.com/section-44ad/
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