Presumptive taxation

Jayesh (Proprietor) (141 Points)

05 March 2016  

If someone has a one-man-show Proprietory firm in which his turnover is 1 Cr. Total business expenses are 10 lakhs. Can he simply show 8% gross profit and pay tax accordingly under the Presumptive Taxation rule this doesn't sound fair? I am assuming that his proprietory firm classifies as a business and not as a consulting.