44 ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 November 2011
Dear Experts,
my father running lodging business. his actual GROSS receipts for the year ending 1.4.2010 to 31.3.11 is 427000/-
can i adopt 44AD and show net profit @8%
which is rs.34160/- (but actual profit is 2lakhs)
my father running lodging business. his actual GROSS receipts for the year ending 1.4.2010 to 31.3.11 is 427000/-
can i adopt 44AD and show net profit @8%
which is rs.34160/- (but actual profit is 2lakhs)
CA PARAS BAFNA
(Expert)
05 November 2011
Your father is covered U/s 44AD.
.
U/s 44AD higher income or actual income , if it is exceeding 8% of turnover, can be shown.
.
U/s 44AD higher income or actual income , if it is exceeding 8% of turnover, can be shown.
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