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Presumptive assessment (Income Tax)

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This query is : Resolved


( Author )
02 August 2011

 assessee have business of Mobile Recharge cards and profit of said business is 2.5% only assessee have a turnover of Rs. 30,00,000/- .

if assessee opt Section 44AD so he have to calculate profit minimum 5%

what sholud asseessee do.


CA SANKAR 09787775790

( Expert )
02 August 2011

 Assessee is to admit 8% of his Turnover

or

Maintain Detailed books of Accounts and audit u/s 44AB



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