44ad
This query is : Resolved
03 September 2018
HI EXPERTS
ASSESSEE TURNOVER IN HIS TRADING BUSINESS - RS 75 LAKHS.
HE MAINTAINS BOOKS OF ACCOUNTS AND HIS PROFIT MARGIN IS 15%.
CAN HE STILL OPT FOR 44AD AND PAY TAXES ON 8% ONLY?
ASSESSEE TURNOVER IN HIS TRADING BUSINESS - RS 75 LAKHS.
HE MAINTAINS BOOKS OF ACCOUNTS AND HIS PROFIT MARGIN IS 15%.
CAN HE STILL OPT FOR 44AD AND PAY TAXES ON 8% ONLY?
Gokul Sharma
(Expert)
03 September 2018
yes you can go for 44ad ... take t.o including taxes then calculate 8 % deemed profit.
Message likes :
1 times
Dhirajlal Rambhia
(Expert)
03 November 2021
Well, he can declare income more than 8%, as per his requirement.
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