Sec 44ad

Good Day!!

An individual, who is a wholesaler, has NP of about 10% of T/o,in his Textile business. He has maintained accounts and his turnover is about 20 lacs. Can he look for option u/s. 44AD and file return by showing 8% Presumptive income.

For Ex.

1. Actual T/o: 20.00 lacs
2. Actual NP: 2.00 lacs
3. Presumptive Income u/s. 44AD: 20.00 * 8% = 1.6 lacs

Can the Individual file return with 1.60 lacs of Business Income in ITR4S?

Thanks & Regards

Sunil