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Payment received for filing return under section 44 AD
Client wants to file a return under section 44 Ad and show profit of 4 lac + but there aren't sufficient payments received in bank as most of business transactions are in cash...Can he file return under 44 AD without much trouble of scrutiny later on with respect to Total receipt and bank credits ?
Replies (3)
Assessee can file return u/s 44AD by declaring 8% or more of the turnover as profits if the proceeds for such turnover are received in cash.
However , assessee can declare profits of 6% or more of turnover, if proceeds for such turn over are received through bank.
However , assessee can declare profits of 6% or more of turnover, if proceeds for such turn over are received through bank.
Thank you Sir for clearing doubt
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