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Section 44AD
My turnover in F.Y.:2017-18 is ₹.17L. Net Profit as per my Books is showing only ₹.35,000.00. Further I don't have any other source of income. Can I opt for 44AD? If yes, how do I show Net Profit above 8% as per sec. 44AD? And if no, what's the remedy? Experts please guide. Thank You.
Replies (3)
Yes you can opt for 44AD but if you are showing profit below 8% then you must have to Maintain Books and Tax Audit by CA would also be compulsory.
Yes... You opt sec 44AD and Show Your profit 8 percentage. No more restriction for showing Rs 3,06,000..
you can better opt for 44AD, as per the information given by you it is clear that you are not having any other income from any other sources. if you are going to show 8% income or more. then also it will not cross 2.5 lakhs. It means you are not liable to pay any tax and also penalty under 234f. Then what is the matter of showing 8% income.
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