Deceleration under Sec 44AD

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Mukesh Tiwary (Querist)

17 July 2017 If my business turnover is below 2 crores but the profits are more then 8% can I file my return under Sec 44AD if yes then how will I show the extra profits in my income tax return

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

17 July 2017 You can file your return showing income more than 8%. Fill actual profit amount in book profit column.

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Mukesh Tiwary

Mukesh Tiwary (Querist)

17 July 2017 Madam Can I show only 8% what do the rules say?

Mukesh Tiwary

Mukesh Tiwary (Querist)

17 July 2017 This was my question I know I can declare more than 8%

RAJA P M

RAJA P M (Expert)

17 July 2017 Yes you go to file your return profit @ 8% .... No more issues...

Mukesh Tiwary

Mukesh Tiwary (Querist)

17 July 2017 Sir If I declare 8% and my profits are more how will I explain my profits minus 8%

RAJA P M

RAJA P M (Expert)

17 July 2017 If you file u/s 44ad you don't be explain. Just you can pay tax liability after computation. You can keep the source of income that is enough. If you can declare less than 8% you ll be fall under Tax Audit....

Mukesh Tiwary

Mukesh Tiwary (Querist)

17 July 2017 Sir mine is a proprietorship firm in my return do I need to show the extra income in my returns

Mukesh Tiwary

Mukesh Tiwary (Querist)

17 July 2017 If I don't then my return and balance sheet won't match

RAJA P M

RAJA P M (Expert)

17 July 2017 1. You can pay tax your actual income 2. You can pay tax 8% 3. U/s 44ad and you file ITR 4 it's just enter the balances like Debtors, Creditors, Cash and Stock it's enough in that form. 4. You can prepare Balance Sheet and Profit & Loss A/c yourself...

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