As per my turnover working for F N O business ( sum of positive and negative in absolute terms ) - the turnover comes to 90 Lakhs. I have made net profit of Rs.. 8 lakhs.
while offering the come under 44AD, I have to report turnover as 90 lakhs and profit as 8 lakhs ????
As per my reading, thr turnover is only for tax audit purposes and not P/L purposes.
Experts please clarify.
If you opt for presumptive scheme under sec.44AD then you have to show 90lakh as your turnover in trading business & 8 lakh as profit or 6% of turnover which ever is higher.
you can not claim expenses whatever income you will show will be deemed to be yours net income.
if your gain is less then 6% computed as per provision then you are required to get your accounts audited under sec 44AB & maintain books of account.
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