Q.1 - My actual profit is 15 % and deemed profit as per sec 44 AD is 8 %. Now, can i opt for 8 % u/s 44AD or i have to show profit @ 15 % in return, and if i opt for Presumptive and pay tax @ 8 % u/s 44 AD, can i still maintain books ???
Q.2 - If i can maintain books, what should be the book profit 8% or 15 % ??
Q.3 And if file return @ 8 % u/s sec 44 AD though my actual profit is @ 15 %, can AO demand difference tax @ 15 %-8% ? Can he impose penalty for concealment of income ??
Plz reply its urgent
CAclubindia
