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Sales of agriculture transaction show compulsory

kollipara sundaraiah (B.com) (2956 Points)

01 March 2023

It assessess sales of agriculture land f.y.22-23.but assessess purchase of agriculture land value f.y.2015 not showing in books and it returns.
question:
assessess sales transaction f.y.22-23 show in it returns compulsory.

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167415 Points)
Replied 01 March 2023

If the agricultural land sold was urban agricultural land, then definitely it was mandatory.

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MPR Sanjay Kumar (3100 Points)
Replied 01 March 2023

I saw one ITR computation the above following it was disclosured

Income declared u/s 44AD

GROSS RECIEPTS/TURNOVER:

RS .18,42,658.

DEEMED PROFIT

Rs.1,47,412.64. eight %

NET PROFIT DECLARED

4,99,361. twenty seven .10 %

here how they declared profit?? 27.10 how it will come?? explain me please

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167415 Points)
Replied 01 March 2023

There is cap on minimum percentage of profit declaration, but assessee can declare anything more then that. It can be any number.... ten .. twenty ... fifty ... anything depending upon HIS OWN WISH !!!

There is no binding that it should be 27.1% only.... The assessee just picked up the number randomly...