Presumptive profit for developer firm

This query is : Resolved

JAYESH R SHAH (Querist)
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07 November 2014 partnesrhip firm in the business of developement of property sold 6 flat out of total 10 flat and registration is complete

1. whether presumptive profit @ 8% benefit available to firm

2. if yes whether the market value of flats consider for gross receipts becasue bank receipts are lower due to balance payment pending

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 November 2014 the turnover will be computed on the basis of the accounting method used by the firm

if the turnover so computed is less than 1 cr, you can offer income at presumptive rate of 8% under section 44AD