44AD and Rule7A

Siby AV (Audit Associate) (24 Points)

10 November 2021  

I would like to get an opinion on the following

An Assessee (Individual) having Sales of Rs.3 crore (Rubber) during the year

can we adopt presumptive taxations us 44AD for 1.05 crore (being 35% of sales) and declare a profit of  8.40 lakh and the remaining 1.95 crores as agricultural income?