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44ad 8% profit problem

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(Querist)
19 August 2015 Book profit is Rs. 10 Lacs. Deemed profit 44AD is Rs.6.4 Lacs. Turnover is Rs. 80 Lacs. What amount will be reflected in actual profit/loss ? Can I offer 6.4 lacs income under income tax return even if book profit is more than the stipulated 8% ?
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Abhinav Pandey

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Abhinav Pandey (Expert)
19 August 2015 44 AD allows you to show any profit above 8% on gross receipts if less than 1 Cr , you may show 10 or 12% whatever you want, but if you want to show any % less than that then you have to prepare books of accounts this section will automatically be void and you have to get your books audited by Chartered Accountant.

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