Dear Sir,
Is there any minimum limit to show income under presumptive income. Suppose if i have income of 30Lacs from trading business, shall i show profit less than 8% in ITR-3 or i have to pay tax at 8%.
Thank you
Saikrishna Reddy S (57 Points)
25 March 2018Dear Sir,
Is there any minimum limit to show income under presumptive income. Suppose if i have income of 30Lacs from trading business, shall i show profit less than 8% in ITR-3 or i have to pay tax at 8%.
Thank you
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160860 Points)
Replied 25 March 2018
If your business is eligible for presumptive assessment u/s. 44AD.......
You have to declare minimum 6/8% profit margin, for non-maintenance of books of accounts.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160860 Points)
Replied 25 March 2018
If your business is eligible for presumptive assessment u/s. 44AD.......
And if you wish to declare less than 8% (or 6% in case of banking mode) profit over turnover, and if your aggregate income is above basic exemption limit, then you are required to maintain books of account and get them audited.
HIMANSHU GARG
(138 Points)
Replied 25 March 2018
Rajesh Sharma
(11 Points)
Replied 25 March 2018
Saifullah Khalid
(Autodidact/Curious )
(633 Points)
Replied 26 March 2018
| Originally posted by : Rajesh Sharma | ||
 |
Sir from which financial year scheme of 6 % if transaction through bank is applicable FY 16-17 or 17-18. |  |
From F.Y 16-17.
Saifullah Khalid
(Autodidact/Curious )
(633 Points)
Replied 26 March 2018
CAclubindia
