17 July 2017
If my business turnover is below 2 crores but the profits are more then 8% can I file my return under Sec 44AD if yes then how will I show the extra profits in my income tax return
17 July 2017
If you file u/s 44ad you don't be explain. Just you can pay tax liability after computation. You can keep the source of income that is enough.
If you can declare less than 8% you ll be fall under Tax Audit....
17 July 2017
1. You can pay tax your actual income
2. You can pay tax 8%
3. U/s 44ad and you file ITR 4 it's just enter the balances like Debtors, Creditors, Cash and Stock it's enough in that form.
4. You can prepare Balance Sheet and Profit & Loss A/c yourself...
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