44ad scheme
This query is : Resolved
CA Kamlesh Kukreja
(Querist)
01 October 2013
if assessee have turnover of less than 1 crore & net profit of 35% but he want to opt for 44AD pay tax on profit of 10% instead of 8%, so i want to ask that when we trf profit to capital account what amt will be trf(10% or 35%).
CMA Ramesh Krishnan
(Expert)
01 October 2013
8% presumptive income declaration is for income tax purpose, and books can be maintained normally with 35% transfer
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