Can Net profit offered for tax in ITR 4 under presumptive taxation be shown different (lesser to avoid burden of tax) than in profit and loss account so ?( I know that books of accounts need to be maintained under 44AD but still I need to maintain it for banks)
1 Replies
CA P V N Varma
(CA )
(609 Points)
Replied 20 August 2018
if you file Return under Presumptive taxation (ITR4) then you have to show Business income(Profit) at least 8% of Total turnover(6% in case Transactions are made other than cash) and no need to maintain Books of accounts.. but Presumptive scheme indirectly says that Business profit or 8% of total turnover which ever is high should declare as Profit in ITR 4 so understand the concept and go through that
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