Somebody please help me on this regard. I'm stuck!
Gross Profit or Net Profit of presumptive income should be filled in the 34(i) ie, 44AD filed of Shedule BP?
Thanks in advence,
Prasanth
Rajagopalakrishnan R
(PARTNER)
(1417 Points)
Replied 30 August 2015
Your doubt is not clear. Please ask your question clearly.
Prasanth
(Entrepreneur)
(58 Points)
Replied 30 August 2015
I'm asking about the 44AD field (ie, 34i) of Schedule BP in ITR4 of AY2015-16 java utility. In the P&L, I have filled the "NO ACCOUNT CASE" (section 53) with the Gross Receipts, Gross Profit Expenses and Net Profit, as I'm not maintaining any books.
For Eg:
Gross Profit: 923971
Expenses: 352123
Net Profit: 571848
All these figures comes under presumptive income(ie, 44AD). Now, I have to show it as presumptive income in Schedule BP(34i). Whether I have to fill the Gross Profit or Net Profit(ie, 8% or above of the turnover) in this field? ie. 923971 or 571848?
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