44AD income tax

This query is : Resolved

Shahan (Querist)
Follow

27 July 2023 10 lack receipt cash se hai aur 5 lacks banking se total profit 110k hai ab uska ration 7.33 araha hai ye 8 percentage ke neeche ja raha hai notice a sakta hai 10 lack ka 8% profit 80000 aur 5 lacks 30000
Total profit 110k but sir total ratio 7.33 araha hai please explain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

27 July 2023 For cash receipts 8% while for Bank receipts 6% are minimum requirement, which are satisfied as per Sec. 44AD IT act. So, if you are declaring the income u/s. 44AD, no question of any query or defective notice.

Shahan

Shahan (Querist)
Follow

27 July 2023 But sir agar 8%aur 6% to Maine show krdiya uska total profit 8% ration ya usse above Jaye 44ad bolta hai

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

27 July 2023 Cash turnover margin is 8%, but for turnover through banking channel is 6%. Declare that minimum percentage; it will be accepted.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

12 September 2024 Good Luck.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now